Speedy Hire Plc
Annual Report
and Accounts 2025
Company number: 00927680
ENABLING
SUSTAINABLE RETURNS
CONTENTS
HIGHLIGHTS
OUR BUSINESS
speedyhire.com/investors
£416.6m
revenue
£97.1m
adjusted EBITDA
c.900
electric and hybrid
vehicles, including 100%
of our company car fleet
£50m+
new contracts during
FY2025, with strong pipeline
of opportunity
Significant progress of
the Enable phase of our
growth strategy, Velocity
Accelerated optimisation of
our Service Centre network
Further established
presence in a diverse
range of growth sectors
Partnered with RoSPA,
launching the ‘Safer Lives,
Stronger Nation’ report to
Parliament
Awarded EcoVadis
Platinum, placing us in
the top 1% of companies
globally for sustainability
Achieved Gold status by the
Social Recruitment Advocacy
Group
Awarded ISS ESG Prime
Status as an ESG leader
in Support Services
Recognised
by Inspiring
Workplaces as a Top
50 UK place to work
Strategic Review
Highlights
Collaboration to Drive Progress 1
Chairman’s Statement 2
Business at a glance 4
A Business Model
Delivering Value
6
Market Review 7
Strategy 10
Investment Case 12
Chief Executive’s Review 13
Transformation Review 17
Keeping our people and
communities safe
21
Financial KPIs 23
Chief Financial Officer’s Review 24
ESG Report 28
Non-financial and sustainability
information statement
57
S172 Statement 58
Risk Management 62
Viability Statement 70
Governance
Board of Directors 72
Chairman’s Letter to
Shareholders
74
Corporate Governance 75
Audit & Risk Committee Report 81
Nomination Committee Report 86
Remuneration Report 88
Sustainability
Committee Report
106
Directors’ Report 107
Statement of Directors’
Responsibilities
110
Independent auditors’ report 111
Financial Statements
Consolidated Income Statement 120
Consolidated Statement of
Comprehensive Income
121
Consolidated Balance Sheet 122
Consolidated Statement of
Changes in Equity
123
Consolidated Cash Flow
Statement
124
Notes to the Financial
Statements
125
Company Balance Sheet 158
Company Statement of
Changes in Equity
159
Company Cash Flow Statement 160
Notes to the Company
Financial Statements
161
Corporate Information
Five-year summary 168
Shareholder information 169
Registered office and advisors 170
Speedy Hire Plc Annual Report and Accounts 2025
COLLABORATION TO DRIVE PROGRESS
OUR VALUES
OUR MISSION
To be the most efficient and sustainable
UK hire business: digital and data driven,
optimised through operational excellence
and powered by our people.
INCLUSIVE
We are all unique,
and we all belong.
SAFE
We share a collective
responsibility to keep
everyone safe.
INNOVATIVE
We nurture a culture
where ideas grow.
TOGETHER
We are family, proud to
work as one to make
great things happen.
AMBITIOUS
We lead with bravery to
make anything possible.
TRUSTED
We are responsible and do
the right thing, always.
OUR PURPOSE
We are an essential supply chain partner across multiple sectors
within the construction, infrastructure and industrial markets,
through to local trades. Our purpose is to help our customers build
and maintain a diverse range of projects from the homes people live
in, the offices, warehouses and plants that people work in, the roads
and rail networks they travel around, to the hospitals and schools
that serve our cities and communities.
Our products and services are used on thousands of sites
across the UK, ranging from major Government projects
and sector developments within the rail, water, clean energy
(including nuclear), defence, highways and aviation industries,
to housebuilding. We also service small trades and retail DIYers
on projects large and small, enhancing the
prosperity of businesses and touching
the lives of people across the UK
and Ireland.
Fostering strong relationships throughout the supply chain is key
to the successful delivery of these projects, and we create value by
bringing together suppliers and customers and providing expertise
through collaboration to bring innovative solutions to market.
To do this in a responsible and commercially sustainable way, we
integrate our leading safety standards to ensure when our people
and customers go to work in the morning, they return home safely
at night, and by caring for the environment and communities
we serve through the implementation of our award winning
Environmental, Social and Governance ('ESG') strategy.
To realise our ambitions, we are delivering a five-year transformative
strategy ‘Velocity’; inspiring and innovating the future
of hire to accelerate improved experiences
for our customers and colleagues,
whilst driving sustainable
profitable growth and
higher future returns
for shareholders.
OUR VISION
To inspire and innovate
the future of hire and
accelerate sustainable
growth.
VELOCITY
STRATEGY
Our targets
£650m
Revenue
28%
EBITDA Margin
Sustainable leverage at
1.0-2.0x
EBITDA
See Page 10 for more on our ambitious
Velocity strategy
Speedy Hire Plc Annual Report and Accounts 2025
01
Corporate Information Financial Statements Strategic Report Governance
CHAIRMAN’S STATEMENT
DAVID SHEARER
Chairman
Results
Group revenue decreased by 1.2% to £416.6m
(FY2024: £421.5m), impacted by the challenging
markets and slower than anticipated expansion of
Trade and Retail. This resulted in lower adjusted
profit before tax
1
of £8.7m (FY2024: £14.7m) due
to high operational gearing and the continued
investment in people and transformation, which
is providing a strong base for future growth.
The Group’s market leading customer service
proposition led to a number of new contract
wins and extensions during the year including
a core hire and solutions contract with Amey
which has mobilised fully in the final months of
FY2025. These wins reflect the impact of the
transformation strategy in enhancing the service
proposition. The Trade and Retail proposition
was moved onto a more digitally focussed model
in FY2024 and has continued to develop on
a profitable basis, having secured significant
new trading relationships where we anticipate
increased revenues through FY2026 and beyond.
The Group continues to operate internationally
through a joint venture in Kazakhstan. The share
of profits decreased to £1.0m (FY2024: £2.9m)
following the completion of sizeable contracts
which had generated strong returns over the
years. We anticipate this having an ongoing
impact into FY2026 but our engagement with our
joint venture partner indicates significant contract
opportunities which give an encouraging outlook
for future years in this geography.
We have invested £57.5m (FY2024: £42.5m) in our
hire fleet during the year to deliver on the new
contract wins and the pipeline of opportunities.
Around 70% of this investment has been in
sustainable products to meet the demands of
our customers. The scale of this investment
allows the business to obtain good commercial
terms from manufacturers and maintains a fleet
age profile which allows flexibility to manage
investment needs through the economic cycle.
Funding
After the year end the Group refinanced its
borrowings, replacing its existing £180m asset
based lending facility, which was due to expire in
July 2026. The new facilities of £225m, comprising
a £150m revolving credit facility ('RCF') and a
£75m private placement term loan, provide the
Group with greater flexibility to support its
growth strategy.
Capital allocation and dividend
The Board has taken the opportunity to review
the capital allocation policy to ensure it supports
our strategic objectives. Our disciplined approach
to capital allocation is intended to maintain a
balance between the need for investment in the
business and sustainable returns to shareholders.
It is intended to fund the investment required in
Overview
The results we are reporting today are against
a backdrop of continuingly challenging markets
affected by macro-economic factors and
government policy decisions. These challenges
only serve to underpin the Board’s commitment
to our Velocity transformation strategy which is
approaching the end of the its ‘Enable’ phase.
We are well positioned to capitalise on end
markets recovery and our progress to date,
including the continuing investment in innovative,
market leading sustainable products has allowed
the business to win a number of multi-year
contracts which will positively impact performance
going forward. The recently announced refinancing
of debt facilities provides the flexibility and
financial resources to support this investment.
1
See note 11 to the Financial Statements.
Speedy Hire Plc Annual Report and Accounts 2025
02
the business through the cycle using debt facilities.
The Board has decided to operate within a target
leverage
2
range of between 1.0x and 2.0x over the
business cycle, but may move outside this where
circumstances warrant, for example if a significant
new contract win meant a short-term need for
additional investment in hire equipment. The age
profile of the fleet and the ability to manage the
timing of investment has proven in the past the
ability to flex capital expenditure in line with the
economic cycle.
The Board also recognises the need for value
creation and sustainable returns for shareholders.
The business has demonstrated strong underlying
operating cash flow
5
historically and this supported
the maintenance of the dividend last year. While
in FY2025 the Group’s free cash flow
4
has been
impacted by the additional fleet investment
for new contract wins, and the costs of the
transformation programme, underlying operating
cash flow
5
remains strong and the Board is
confident in the business’ prospects for the future.
In light of this the Board has decided to maintain
the dividend for FY2025 at the same level as last
year and set a new policy where it will target to
grow the dividend from this base in line with future
earnings growth.
As a result, the Board is recommending payment
of a final dividend of 1.80 pence per share bringing
the total dividend to 2.60 pence per share.
Board and people
Rob Barclay will step down as a Non-Executive
Director at the AGM having joined the Board
in 2015. During his time on the Board Rob has
chaired the Remuneration and Sustainability
Committees and has undertaken the role
of Designated People Director. On behalf of
the Board, I would like to thank Rob for his
commitment and contribution to the Board
throughout his tenure and wish him well for
the future. It has been decided that we will not
recruit a replacement at this stage and maintain
a smaller Board ahead of further steps to refresh
the Board in the normal course. It is expected
that David Garman will step down from the Board
later in 2026 and, in anticipation of this change,
Rhian Bartlett will assume the role of Senior
Independent Director following the AGM this year.
On behalf of the Board and personally, I would
like to take this opportunity to thank each and
every one of my colleagues for their continuing
commitment and dedication to supporting the
business.
Future
In spite of challenging end markets we have
continued to invest in our transformation
programme and our new fleet and have been
rewarded with a number of significant multi-year
contract wins which will impact FY2026 and
2
Leverage: Net debt
3
to EBITDA
1
. This metric excludes the impact of IFRS 16.
3
See note 20 to the Financial Statements. This metric excludes lease liabilities.
4
Free cash flow: Net cash flow before movement in borrowings, merger and acquisition activity and returns to shareholders.
5
Underlying operating cash flow: Cash generated from operations before changes in hire fleet and non-underlying items.
beyond. We have ambitious targets
for future growth under our Velocity
Strategy and expect to generate returns from
the investment made over the last two years
as markets recover. We have a business model
that remains resilient through the cycle and look
forward with confidence to the year ahead.
DAVID SHEARER
Chairman
Speedy Hire Plc Annual Report and Accounts 2025
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Financial Statements Strategic Report Corporate Information Financial Statements Governance
BUSINESS AT A GLANCE
Hire products and services
We provide tools and specialist equipment hire from our fleet of owned products plus an extensive range of specialist equipment through our strategic supplier partnerships, and a
range of services including certified training courses, testing, inspection and certification, carbon site consultancy, fuel and energy sales and management, and product sales.
CORE HIRE SPECIALIST PRODUCTS AND SERVICES TRADE AND RETAIL
Overview
Hire of our core fleet of owned products from
global leading brands.
Overview
A combination of hire of our own specialist fleet of products, plus the re-hire of an extensive range of specialist
equipment through our partnerships with the industry’s leading suppliers.
Overview
As a leading provider of tool hire, we are
established in the trade market and are
growing our presence in the retail sector
through our Velocity strategy, bringing quality
tool and equipment hire to the consumer
market as an alternative, less expensive and
more sustainable option to buying tools.
Key Capabilities
h Over 2,200 hire product lines including
an extensive range of the most innovative
and commercially sustainable products on
the market
h Categories including small tools and
general equipment, access, and plant
h Test and refurbishment of our core range
of products through our National Service
Centres
h Enhanced logistics ensuring optimum
distribution and availability across our
network
h 24/7 service model
h Industry leading 4-hour delivery service
promise
Key Capabilities
h Knowledge and skills provided by our
specialist teams
h Rail specific products including eco
technologies in lighting, as well as survey, tools
and on track equipment
h A UK leader in specialist powered access
solutions on a range of equipment up to a
height of 90m
h Provision of Hydrogen power through Speedy
Hydrogen Solutions, our Joint Venture with
AFC Energy
h Specialist power and clean energy products,
including battery storage
h Provision of a comprehensive range of industry
leading safety and skills training along with
other progressive end-to-end training courses
h Test, inspection and certification services
through our Lloyds British business to a broad
range of market sectors
h The only UK hire company with our own fully
integrated fuel sales and management division,
including the provision of the low-emission fuel
alternative; HVO D+ (Hydrotreated Vegetable
Oil D+) HVO fuel
h Key partners from global leading tool, plant and
equipment brands
h The ability to acquire specialist businesses
that enhance our value proposition, with Green
Power Hire being our most recent during the
prior year
h A state-of-the-art evolving property network
to support our full range of specialist products
and services, including test and inspection
Key Capabilities
h Online ordering and delivery through
our website speedyhire.com and via our
mobile app
h Our property network consisting of
Service Centres located across the UK
and Ireland enabling collection and
delivery
h c.40,000 consumable products across
our range
h Centralised ordering through our central
hub in South Wales
h Partnerships with some of the UK’s
leading trade and DIY brands, operating
digitally via a drop-ship-vendor model
h Online ordering and delivery through
speedyhire.com and B&Q’s websites
diy.com and trade-point.co.uk
Speedy Hire Plc Annual Report and Accounts 2025
04
OUR CUSTOMERS CHANNELS OF CHOICE
With customers ranging from large complex national contractors
to home DIYers, our aim is to make it easy for all of them to do
business with us, through providing a choice of different contact
options to suit their individual needs.
Customer Solutions
Our centralised service provides a single hire destination for all our
core products and services, plus an extensive range of equipment
in partnership with the industry’s leading product suppliers.
Speedy Hire Direct
Our central call centre located at our head office, with dedicated
desks for our National customers.
Regional trading hubs
Our regional call centres are located throughout the country within
our Service Centre network, with dedicated colleagues servicing
our Regional customer base.
Service Centre network
Our 135 Service Centre and on-site locations across the UK and
Ireland.
Customer Relationship Centre
Our central hub in South Wales, dedicated to servicing our
Regional, Trade and Retail customers.
Online
Through our website and mobile app.
Retail agreements
We operate digitally through trading partnerships with some of the
UK’s leading trade and DIY brands. via a drop-ship-vendor model.
Service Centre locations
135
Service Centre and
on-site locations in the
UK and Ireland including
industry-leading low and
net zero carbon facilities.
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Financial Statements Strategic Report Corporate Information Financial Statements Governance
A BUSINESS MODEL DELIVERING VALUE
Core hire
Customer
Solutions
Consumable
sales
Training
Testing,
Inspection,
Certification
Specialist
products
and solutions
NATIONAL
REGIONAL
TRADE
AND RETAIL
ENABLING
CUSTOMER SUCCESS
THROUGH TOTAL HIRE
SOLUTIONS
Our integrated hire and services customer
value proposition.
We provide a single hire destination
service for customers, offering a
complete site service through the
provision of our core fleet of owned
products, plus an extensive range
of specialist equipment through our
partnerships with the industry’s leading
suppliers. Our centralised Customer
Solutions service provides this one-stop-
solution for any customer requirement.
Our unique value proposition is further
enhanced through the delivery of our
extensive range of services including
certified training courses, testing,
inspection and certification services and
carbon site consultancy.
Hire
Our hire products cover a range of
over 2,200 product lines in categories
including small tools, access, power and
battery storage, lifting, survey, powered
access, welding and plant.
Services
Our services include test, inspection
and certification, fuel and energy sales
and management, training, product sales
and carbon site consultancy.
Speedy Hire Plc Annual Report and Accounts 2025
06
MARKET REVIEW
OUR CUSTOMERS AND END MARKETS
We have a broad spectrum of customers;
ranging from the largest national contractors
operating on government and private contracts
across the infrastructure, construction and
industrial markets, through to tradespeople
and retail consumers.
Within our National customer segment, our end
markets provide opportunities through a pipeline
of major projects that align with our Velocity
growth strategy where we are focusing our
sales and business development efforts on the
areas of greatest opportunity for growth in rail,
water, clean energy (including nuclear), defence,
highways, aviation and housebuilding. Our
largest customers servicing these major projects
continue to demand commercially sustainable
solutions to complex problems, provided through
our innovative products and specialist expertise.
UK Government spend expectations
During FY2026 the UK Government will
conclude its multi-year spend review, at which
point, the treasury will publish a 10-year
national infrastructure strategy, outlining its
plans for transport, energy, housing and social
infrastructure. In addition, a 10-year industrial
strategy will be published to attract investment in
growth sectors such as clean energy and digital
technology.
The UK Government has made commitments
including fast-tracking 150 Development Consent
Orders ('DCOs') by the end of the current
parliament, implementing the Clean Power 2030
Action Plan that sets out to double onshore
wind power, triple solar power and quadruple
offshore wind power by 2030, whilst establishing
a publicly owned company to manage clean
energy projects with an £8.3 billion investment.
It has also committed to developing a long-term
strategy for transport in England, focusing on
connectivity and public transport services, and
merging 86 council pension schemes to unlock
around £80 billion for infrastructure investment.
Water industry reforms will also be introduced to
enforce stricter regulations for water companies,
including real-time monitoring of sewage outlets.
INFRASTRUCTURE 25% OF GROUP REVENUE
1
Infrastructure is classed as new build highways,
energy, harbours and airports, frameworks in
water and sewerage (AMP8), roads (Highways
England), rail (CP7) and telecommunications. Our
customers in this space include Balfour Beatty,
Morgan Sindall, Galliford Try, Cadent and Costain.
Water
£104bn
Market size over five years
During FY2025 Ofwat approved the AMP8 £104bn
investment plan, including six new reservoirs
and 11 water transfer projects, nearly quadrupling
previous expenditure and marking a significant
shift in the scale of investment in the water
sector. We anticipate significant opportunity for
our business in this sector, and during the prior
year took steps to improve our engagement with
the Water Industry, including the Institute of
Water and British Water, expanding our specialist
knowledge and growing our relationships with
the aim of becoming recognised as the hire
supplier of choice.
Rail
£45bn
Market size over five years
The £45 billion CP7 plan (2024-2029) will support
Britain’s rail operations, maintenance, and
renewal, aiming for a simpler and greener railway.
HS2 earthworks are 70% complete, with stations
coming online and track and MEP (Mechanical,
Electrical and Public Health) contracts expected
to increase in the next 12 months. We are
currently supporting a range of these key projects
including HS2 and the TransPennine Route
Upgrade which is being delivered by the TRU
West Alliance, including our customers BAM,
Amey and Siemens. During the year, we secured
the contract to support the project with a Speedy
Hire Service Centre embedded onsite.
We are well positioned to capitalise on further
opportunities on these projects through the
provision of our core range of products for
compound set up site services including lighting,
power, trackway and temporary roads, and
through collaborations with our specialist supply
chain partners including RiteLite, with which we
recently successfully launched a new sustainable
lighting system designed specifically for rail.
Speedy Hire Plc Annual Report and Accounts 2025
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Corporate Information Financial Statements Strategic Report Governance
Energy
£53bn
Market size
The nuclear energy market is seeing significant
private and Government investment, with key
projects including Hinkley Point C and Sizewell
C, valued at over £40bn combined. Additionally,
there are plans to build 30 new Small Modular
Reactors ('SMRs') across the UK. Identified as
a growth area for our business, during FY2025
we have worked hard on building a presence
in this space and during FY2026 we will be
opening a brand-new Regional Service Centre
geographically located in the North West to serve
the nuclear energy sector.
The Government have announced their Invest
2035 modern industrial strategy and are expected
to confirm their 10-year investment plans for
the UK in 2025, aligned with the multi-year
spending review. Commitments made by the
Government include Clean Power 2030: aiming
to double onshore wind, triple solar power, and
quadruple offshore wind by 2030. A publicly
owned company, Great British Energy, is being
established to manage clean energy projects with
an £8.3 billion investment.
In addition, significant investment is planned in
energy infrastructure, including the Great Grid
Upgrade, with a focus on enhancing energy
security and grid decarbonisation, as well as
continued work on RIIO-GD2, that sets out what
the gas distribution network companies are
expected to deliver for energy consumers from
2021-2026, and the commencement of GD3. With
our extensive range of core hire, and specialist
services through owned and re-hire partnerships,
we are well positioned to capitalise on these
investments going forward.
Highways
£29bn
Market size
The current Road Investment Strategy, originally
expected to expire on the 31 March 2025, has
been extended by a further 12 months to focus
on completion of bridges and structures. Our
strong relationships, through successful work
with industry bodies, mean we are well placed
to capitalise on future opportunities including
projects such as the Lower Thames Crossing, and
ongoing works on Local Authority A roads.
Aviation
£10bn
Market size
Airports are racing to transition to net zero
operations with higher passenger capacity to
meet post-COVID demand. Major investments
are planned for Manchester, London City,
Birmingham, Stansted, Bristol, the third runway at
Heathrow and the improvements across Gatwick
and Stanstead, with anticipated investment of
£1bn in each airport. With our Service Centre
located on the boundary of Heathrow Airport,
our onsite store located airside at Manchester
Airport supporting MACE with the renovation of
Terminal 2, and Regional Service Centres serving
these major UK cities, we are well positioned to
optimise the growth potential in this sector.
MARKET REVIEW CONTINUED
Speedy Hire Sellafield
Speedy Hire Plc Annual Report and Accounts 2025
08
CONSTRUCTION 42% OF GROUP REVENUE
1
Our customers in this space include MACE and
Sisk, both of which are building a range of projects
including schools, hospitals, high-rise residential
buildings, stadiums offices and new housing.
Construction sector forecasts predict output
to rise by 2.5% in 2025 and 3.8% in 2026, with
private housing and infrastructure sectors leading
the recovery. Private housing alone is predicted
to rise by 4.0% in 2025, with previous growth
expectations of 8.0% impacted by uptick in
mortgage rates and lack of Government
stimulus policy.
Public new housing output decreased by 10.0%
in 2024 as housing associations redirected
investment towards existing stock and faced
higher construction costs (partly offset by growth
in RMI
2
). In 2025, this market is expected to grow
by 3.0%. Public non-housing output increased
by 2.2% in the prior year. Supported by ongoing
projects in education and health sectors,
growth is expected to be 1.1% in 2025, and the
small decline in commercial property output is
anticipated to recover during FY2026.
An example of how we innovate to help make
these projects successful, is supporting our
customer Canary Wharf Contractors ('CWC') on
the construction of One North Quay, Europe’s
tallest and most technically sophisticated
purpose-built commercial laboratory buildings
at Canary Wharf, where we will be launching a
Service Centre onsite during FY2026 on what is
one of the biggest life sciences developments to
commence in London in the last year.
SUPPORT SERVICES AND RMI
2
31% OF GROUP REVENUE
1
Support services and RMI include facilities
management, manufacturing and production,
environmental services, engineering services,
defence, power, petrochemicals and steel, media,
DIY and home improvement.
Our customers in support services include
Babcock, where we provide assets and services
in support of defence projects at HMNB
Devonport, HMNB Clyde and Rosyth Dockyard.
Whilst this has been a challenging economic
environment for construction, with high interest
rates and increased material costs during
FY2025, it has been mitigated somewhat by the
opportunities in RMI. As the anticipated markets
recover into FY2026 and beyond, our existing
customer relationships and focus on
business development will enable us to increase
our proportion of revenue and market share in
this space.
1
Approximate % of Group revenue, rounded.
2
RMI concerns work which involves either repairing
something which is broken or maintaining it to an
existing standard. For housing output, this includes
repairs; maintenance; improvements; conversions
(e.g. from a house to multiple flats); extensions;
alterations; and redecoration. For other output, this
includes repairs; maintenance; and redecoration.
Sources: ONS; CPA Construction Industry Forecast
2024-2026.
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09
Corporate Information Financial Statements Strategic Report Governance
STRATEGY
OUR AMBITIOUS GROWTH STRATEGY, VELOCITY
DELIVER
GROWTH
To be the most efficient and
sustainable UK hire business
Customers
Grow customer base; national,
regional, trade and retail
Sectors
Expand market share in key
target sectors
Products
Invest in cleaner energy and
efficient technology
Customer experience
Create best in class channel
and service delivery
Propositions
Grow tailored Customer
Solutions business and
services model
Logistics
Enhancing asset utilisation and
improving carbon reduction
ENABLE
GROWTH
Deliver foundational
improvements across
technology and operational
efficiency
Brand and customer
Technology and data led hire
business committed
to sustainability
Technology and data
Technology and data led
hire business committed to
sustainability
Group-wide transformation
programme
Innovative customer focused
transformational programme
powered by our people first
strategy
Strategic partner:
Cloud based secure platform
Modern and secure digital
operating platform to enable
growth and support enhancing
our customer experience
Strategic
collaboration:
GROWTH
ENGINES
Strategic revenue drivers
Specialist products and services
A focus on niche products
and services with significant
growth and margin
opportunities
Core hire
Grow our market share with
all customer segments across
all geographies trading as a
multichannel service offering
Trade and retail markets
Grow trade and retail
customers, through conversion
of sales into hire, e-commerce
opportunities and market
creation to a less focused area
of hire
5 YEAR
FINANCIAL KPIS
Revenue
£650m
Target revenue
EBITDA
Grow EBITDA
margins to
28%
Leverage
Maintain sustainable
leverage at
1.0-2.0x
EBITDA
During FY2023 we developed
and launched ‘Velocity’, a strategy
designed to accelerate sustainable
growth through increasing revenue
and improving margins, along
with a clear focus on measurable
medium and long-term growth and
performance objectives.
Our growth engines reflect
opportunities that are presented
in our current addressable
construction, infrastructure and
industrial markets, along with
sectors including rail, water,
clean energy (including nuclear),
defence, highways aviation and
housebuilding. By focusing on
these key areas, we aim to increase
market share profitably and
accelerate sustainable growth to
meet our stated key performance
indicators ('KPIs’).
Examples of progress against
milestones within this strategic
model are outlined on the
next page.
STRONG
FOUNDATIONS
OF A SUSTAINABLE
CUSTOMER
FOCUSED
APPROACH AND
PEOPLE FIRST
PHILOSOPHY
Speedy Hire Plc Annual Report and Accounts 2025
10
STRATEGY
PROGRESS AGAINST OUR VELOCITY STRATEGY DURING FY2025
Velocity was launched as a
five-year transformation and
growth strategy. During the year
we delivered a wide range of
foundational improvements across
technology, operational efficiency,
sustainable investment and our
People First strategy, providing
strong foundations to fully align
with our vision ‘To inspire and
innovate the future of hire and
accelerate sustainable growth’.
New website platform live
Mobilised major national contract wins
New on-sites secured including TransPennine route upgrade
Launched specialist lighting service system for Rail
Successfully launched Motion Kinetic software and mobile devices
into Lloyds British
New partnerships with leading retailers in the trade and retail
DIY space
Accelerated optimisation of our Service Centre network, including
opening a new Regional Service Centre in Cumbria to service the
nuclear energy sector
Developing further opportunities
on major projects
Further alignment to key
growth sectors in the market
Strong sales pipeline of
opportunities
Launch AI powered Bid tool to
support our sales teams and
pursue new opportunities
Roll out of new CRM
technology across the
business, enabling a 360
degree customer view
ENABLE GROWTH
New CRM system launched at our Customer Relationship Centre
Logistics management system ‘Openfleet’ successfully trialled
Successful trial of new in-store payment terminals
Invested in apprenticeships and professional training for new and
existing colleagues
Launched Speedy Hire Work-Life Balance
ENABLE GROWTH
Selection and integration of a new digital Order
Management System
Expanding focus on AI to improve pricing, bid intelligence and stock
levels to increase asset utilisation and availability
Rolling out AI logistics management system ‘Openfleet’, optimising
route planning and reducing unplanned mileage, transport costs,
effort and waste as well as reducing our carbon footprint
Improving dynamic Asset Management and Warehousing
forecasting to optimise stock levels and priorities for repair and asset
replacement
Rollout of D365 CS, a workflow and case management process for
Hire Direct, Customer Solutions and our Trading Desks
New telephony system across all our locations
Launch a new website
transaction process for easier
and faster ordering, aiming to
drive significant percentage
increases in online revenue
Continued focus and investment
in specialist business growth
engines: TIC, Powered Access,
and Power and Energy with
more in review
Data driven pricing
optimisation for popular assets
Further Service Centre
optimisation with new site
openings scheduled for FY2026
DELIVER GROWTH
DELIVER GROWTH
PROGRESS
IN THE YEAR
OUTLOOK
Speedy Hire Plc Annual Report and Accounts 2025
11
Corporate Information Financial Statements Strategic Report Governance
INVESTMENT CASE
A COMPELLING INVESTMENT PROPOSITION
As a resilient and
ambitious business, our
transformational strategy
‘Velocity’ has set out
transparent KPIs based on
increasing revenue and
improving operational
efficiencies to drive
profitability and deliver
returns for our investor
community.
By 2028, we are targeting to:
h Grow revenues to £650m
h Grow EBITDA
margin to 28%
h Maintain sustainable
leverage
1
at 1.0-2.0x EBITDA
RESILIENT BUSINESS
SERVING KEY END
MARKETS
STRATEGIC CAPITAL
ALLOCATION AND CASH
GENERATIVE
AMBITIOUS AND
OPTIMISED
INNOVATIVE, ESG LEADING
UK BUSINESS
Robust business with the ability to develop
revenue, grow EBITDA, expand margins
and increase shareholder returns over
the next three years, supported by long-
term end-market fundamentals across
infrastructure, construction, industrial,
Support Services and RMI* as well as
trade, creating visible, resilient and less
cyclical revenue streams.
Strong balance sheet and cash generation,
with significant banking facility headroom
with which to grow the business
organically and through value enhancing
acquisitions, coupled with a clear capital
allocation investment and dividend policy.
Bold, purpose-led Velocity strategy to
accelerate profitable growth and become
the UK’s most efficient and sustainable
hire business, driven by data – optimising
our network, logistics and products – and
powered by our people.
Industry-leading, award winning ESG
programme designed to reach net zero
by 2040, with a commitment to meeting
ambitious environmental and social
milestones and targets.
Ability to develop revenue and
grow EBITDA
94.5%
cash conversion from EBITDA
£416.6m
Revenue
56%
of revenue generated from eco
products
Serving a significant number of
the UK’s top 100 contractors**
1.80 pence
final dividend, bringing full year
dividend to 2.60 pence
Investment in property network
upgrades driving sustainable
efficiency
50%
reduction in our scope 1 and 2
emissions vs a FY2020 baseline
£50m+
new contracts secured
during FY2025
1.41 pence
adjusted EPS
2
1.9x
leverage
1
AI driven asset
management
and logistics
Award winning
People First
programme***
Gold
accreditation
from Investors
In People for
investment in
apprentices
£56.6m
of social value
created
1
Leverage: Net debt to EBITDA.
This metric excludes the impact
of IFRS 16. See Notes 11 and 20 to
the Financial Statements.
2
See note 9 to the Financial
Statements.
* Repair Maintenance Improvement
(housing and construction).
** Source – Glenigan Limited: Top
100 contractors by value of award
for the period from April 2024 to
March 2025.
*** Recognised by Inspiring
Workplaces as a Top 50
Employer.
Speedy Hire Plc Annual Report and Accounts 2025
12
CHIEF EXECUTIVE’S REVIEW
In the UK and Ireland, year-on-year hire revenue
from our National customers remained flat, with
rate increases offsetting some volume decline.
Overall hire revenue increased by 0.6% year on
year, driven by increased and recovering revenues
from our Regional customers, with Trade and Retail
also demonstrating an improved performance,
albeit behind our initial expectations.
Services revenue excluding fuel increased by
4.5% year on year. Our Training services and
Customer Solutions division – which provides site
management and rehire services – performed
well, with marginal increases in revenue and
our Lloyds British business providing testing,
inspection and certification services ('TIC'),
demonstrated a revenue increase of 5.8% year-
on-year. Fuel revenues declined by 24.9%, as
pass-through revenues were impacted by the
effect of a decrease in wholesale fuel prices,
however margins were maintained. This resulted
in an overall reduction in services revenue
of 2.8%.
During the year we have continued to monitor
our pricing model and have implemented price
increases to offset inflationary cost pressures on
both overheads and new equipment purchases.
This has included a focus on our AI workstreams
and its ability to improve price and margin in
various areas of the business. Our pricing strategy
ensures we can continue to provide customers
the very best value for the high-quality innovative
products they demand, enabling the successful
completion of their projects.
Itemised asset utilisation increased to 53.9%
(FY2024: 52.4%), reflecting the targeted
investment in the Group’s hire fleet to support
our strong pipeline of opportunities and
contract wins.
Our joint venture in Kazakhstan has experienced
a significant downturn in performance due to the
conclusion of major contracts. We anticipate this
having an ongoing impact into FY2026, however,
there are opportunities which give confidence for
future growth for following years.
MARKET OVERVIEW
Whilst the macro-economic environment has
remained challenging during the year, with delays
in government spending across a number of key
sectors and projects, there are positive growth
opportunities for the Group as we go into FY2026
and beyond, with a promising pipeline of new
and existing customers who should benefit from
increased government and private sector spending
on infrastructure and construction projects.
DAN EVANS
Chief Executive
1
See note 11 to the Financial Statements.
2
See note 9 to the Financial Statements.
RESULTS
I present our results for the financial year ended
31 March 2025, that demonstrate a resilient
performance as we continue to execute our
transformative growth strategy, Velocity, despite
navigating the widely reported challenging
market conditions across the UK, Ireland
and internationally.
Revenue declined by 1.2% to £416.6m (FY2024:
£421.5m). Adjusted EBITDA
1
was £97.1m (FY2024:
£96.8m). Adjusted earnings per share
2
were 1.41
pence (FY2024: 2.35 pence). Profit before tax
after non-underlying items decreased to a loss of
£1.5m (FY2024: £5.1m profit).
Speedy Hire Plc Annual Report and Accounts 2025
13
Corporate Information Financial Statements Strategic Report Governance
National customers
We serve thousands of customers in the UK and
Ireland, including a significant number of the
UK’s 100 largest contractors
3
, with our National
customers collectively accounting for 47% of
our revenue, secured on medium to long term
major projects in infrastructure, construction and
energy markets. These include investment in
gas, hydrogen, and utility network infrastructure,
nuclear new build and decommissioning work,
major highways projects, as well as continued
investment in HS2 and the planned TransPennine
Rail Upgrade announced in March 2025. Our Tier
1 customers servicing these multi-billion pound
investments continue to demand sustainable
solutions that we provide through innovative
products and specialist expertise.
During the year we extended and secured several
new, multi-year contracts with National customers
and maintain a promising pipeline into FY2026.
We have also completed the mobilisation of our
contract with Amey announced in the prior year,
which is trading in line with our expectations.
Regional customers
We serve Regional customers through our
Regional Account Management team located
across the UK and Ireland, who serve customers
operating in a diverse range of sectors. Many
of these customers continue to be impacted
negatively by the challenging economic
environment, however signs of recovery have
been seen in FY2025 following increased volume
sales in this customer segment.
Trade and Retail
We serve thousands of Trade and Retail
customers through our national network of
Service Centres, by phone, online through our
click and collect service, and through trading
partnerships. Our partnership with B&Q,
which enables customers to hire our products
seamlessly as part of their wider transaction
at the B&Q tills, as well as online through
B&Q’s website diy.com and tradepoint.co.uk,
is performing satisfactorily and with positive
momentum. Additionally, during the year we
entered into a new fulfilment agreement with
another leading UK brand in the Trade space,
building on our existing portfolio. This will enable
us to capitalise on future opportunities presented
by this valuable market segment.
In line with our Velocity growth strategy, we
will continue to target our sales and business
development efforts on the areas of greatest
opportunity for growth, focusing on infrastructure
and utilities, power and energy, built environment
and defence.
STRATEGY REVIEW
During FY2023 we developed and launched
Velocity, a five-year strategy designed to deliver
sustainable growth through increasing revenue
and improving margins, along with a clear focus
on measurable medium and long-term growth
and performance objectives. The strategy is
underpinned by our transformation plan which
has progressed significantly during the year
through advancing foundational improvements
across customer experience, innovation,
technology, operational efficiency, sustainability
and our People First approach. Our transformation
progress is forming the bedrock for the Group to
take advantage of the pipeline of opportunities
and enabling us to deliver accelerated sustainable
growth in the medium term.
FY2026 sees the launch of a new specialist
business, Temporary Site Solutions ('TSS').
Building on the focus of growth of specialist
products and services as one of our Velocity
growth engines, we are pleased to launch this new
business having listened to what our customers
would like to see additionally provided by Speedy
Hire. Reporting through our existing hire structure,
the business will focus on growth in products
such as fencing, traffic control and site security,
ground protection and temporary road and
trackway. We will be optimising the full service to
deliver, manage and install these solutions for our
customers, ensuring growth of service revenue for
Speedy Hire.
Customer experience and innovation
As part of our aim to transform how we do
business and become the easiest business to
deal with for customers, during the year we
have been developing a new website platform
powered by Optimizely; one of the world’s leading
AI Content Management System provider. The
new platform, which will launch during FY2026,
will revolutionise our digital offering and aim to
drive significant percentage increases in online
revenue. In advance of this, during FY2025 we
published new non-transactional sections on the
new website platform including our Investor hub,
ESG hub, and Careers hub, whilst simultaneously
running our existing transactional site as we
manage a seamless full switch-over.
Our innovative products and services are
utilised on thousands of sites across the UK,
including major government projects within
rail, water, clean energy (including nuclear),
defence, highways, aviation and housebuilding.
We also service trade professionals and retail
DIY, supporting the prosperity of business and
enabling projects large and small for people
across the UK and Ireland.
During FY2025 we introduced a new lighting
solution designed specifically for the rail market.
The lighting solution was launched at an
innovative event delivered in-house, providing an
immersive customer experience featuring hands-
on product demonstrations. The event brought
together suppliers, industry leaders, buyers, and
decision-makers from across the rail industry,
reinforcing our reputation for being a conduit
for innovation within this valuable infrastructure
community and leading to direct orders of
the lighting solution from some of our largest
customers.
In the prior year, we acquired sustainable power
solutions specialist, Green Power Hire Limited
to supply Battery Storage Units to the UK rental
market, and entered into a Joint Venture with
AFC Energy plc to provide hydrogen power
generation to our customers. During FY2025 we
have mobilised these products onto customer
sites, enabling them to achieve both financial and
environmental savings compared to alternative
systems available, signalling the growing demand
for zero emission power solutions.
CHIEF EXECUTIVE’S REVIEW CONTINUED
3
Source - Glenigan Limited: Top 100 contractors by
value of award for the period from April 2024 to
March 2025.
Speedy Hire Plc Annual Report and Accounts 2025
14
Technology and operational efficiency
Our transformation programme is leveraging
technology and data to drive simplicity and
efficiency to support sustainable profitable
growth. We continue to work with our strategic
partner PeakAI, focusing on a range of AI driven
initiatives to drive operational efficiency including,
amongst other areas, inventory forecasting to
ensure we minimise product downtime and
maximise product utilisation and availability,
along with pricing optimisation and simplicity.
During the year we successfully trialled a
new system-led approach to our logistical
operations using the logistics management
system Openfleet. This system optimises our
product distribution route planning across
our engineering and Service Centre network,
reducing unplanned mileage, transport costs,
effort and waste as well as our carbon footprint.
Furthermore, it will provide greater visibility and
enhance tracking to our customers. During FY2026
we are rolling out the technology across the
business by integrating Openfleet into our existing
systems and processes.
We implemented Power BI into the business;
an advanced intelligence and data visualisation
tool developed by Microsoft. It connects various
data sources, transforming and cleaning data,
to create interactive visualisations and reports
that enable management to easily analyse data
and make well-informed business decisions that
include optimisation of our assets and logistics.
This means we can make all of the data, key to
demonstrating our performance to customers,
available in one place. We are also using Power BI
to provide our customers with a validated carbon
reporting tool to help them make the right carbon
choices when it comes to asset selection. The
tool displays a carbon dashboard that quantifies
and reports the carbon emissions for both hire
equipment and transport. These innovations in
technology and service continue to differentiate
and add value to our customer proposition.
Within our Lloyds British business that provides
specialist test, inspection and certification ('TIC')
services, we launched a new system; Motion
Kinetic. The system enables us to streamline our
inspection procedures more efficiently, generating
TIC reports, improve data accuracy, and automate
renewal testing alerts. This ensures that our
engineers can take advantage of opportunities
to retain and grow our customer base in the TIC
marketplace, whilst resulting in a better and safer
customer experience.
Sustainability
We are recognised as a UK leading business in
commercially sustainable solutions, resulting
in multiple awards and ESG ratings, including
obtaining ISS ESG Prime Status and the EcoVadis
Platinum award, placing us in the top 1% of
companies globally for sustainability. In addition,
we achieved an A- CDP rating which places us in
the Leadership band for carbon disclosures and
have been named as a Financial Times European
Climate Leader for the third year running. Our
target is to become a net zero business by 2040,
ten years ahead of the UK Government’s target,
and we are making significant progress against
this ambitious plan.
As at the end of FY2025 our scope 1 and 2 carbon
emissions in the UK and Ireland have been
reduced by 50% from the baseline of 24,266
tonnes in FY2020. This reduction
has been achieved through the
continued procurement and organic
generation of renewable energy,
investment into a greener property network,
a more efficient electric and hybrid vehicle fleet
and the use of HVO fuel in our larger vehicles.
In FY2025, we increased the number of electric
vehicles ('EVs') in our fleet to 311 electric vehicles,
225 electric vans and 9 HGV trucks, representing
22% of our total commercial fleet. To further
enhance the efficiency of our fleet, we have installed
solar panels on our commercial EVs to power
ancillary equipment and extend vehicle range.
Within our property network we have continued to
retrofit our existing Service Centres, collaborating
with our landlords , whilst ensuring new locations
are designed for a low-carbon economy. Our
approach includes the installation of intelligent
building management systems, on-site energy
generation and efficient lighting, heating and
cooling systems. During the year we reduced
the number of Service Centres through the
acceleration of our planned consolidation strategy.
In the process, we opened new sustainable
centres in Ashford, Birmingham, and at Sellafield,
the latter being strategically located to support
the opportunities presented in the nuclear energy
sector. The energy management systems featured
in these sites both optimise energy consumption
and generate clean energy.
We have a target to ensure that eco products
account for 70% of our itemised equipment fleet
by 2027. To achieve this, we actively procure
more commercially sustainable assets that our
customers demand including those with solar,
hybrid, electric and hydrogen technology. In
FY2025, 53% of our itemised assets in our core
hire portfolio were eco and 56% of core hire
revenue was generated from eco products,
compared to 51% and 55%, respectively in FY2024.
During the year we were proud to partner
with The Royal Society for the Prevention of
Accidents ('RoSPA') in publishing the ‘Safer Lives,
Stronger Nation’ report. The report identifies that
preventable accidents causing injury and deaths
in the UK are on the rise, and that over the last
decade accidents have cost the UK £12 billion
annually, including £6 billion in NHS medical care
and £5.9 billion in lost working days. The report
calls for the UK Government to create a National
Accident Prevention Strategy – a first for the UK,
the launch of which I was proud to support in the
Houses of Parliament in September 2024, which
brought together policymakers, experts, and
advocates, all united in the call for urgent action.
Speedy Hire Plc Annual Report and Accounts 2025
15
Corporate Information Financial Statements Governance Strategic Report
CHIEF EXECUTIVE’S REVIEW CONTINUED
People First
We are transforming our business and our
customers’ experience by putting our people first
whilst aiming to become an employer of choice,
with the ambition of becoming a Sunday Times
Best Place to Work business.
Our People First approach underpins our
Velocity growth strategy; keeping our colleagues
engaged in transformation, introducing new
skills, development programmes and creating
inclusive working environments. During the year,
we have continuously been upskilling our existing
colleagues and attracting new talent with new
skills in areas such as digital, data science and IT
systems.
We ensure our colleagues are at the heart of
everything we do, by living our values every
day. During the year we sustained our overall
people engagement score, which is two points
ahead of the benchmark, and invested in more
apprenticeships and professional training for new
and existing colleagues. As a by-product of the
work involved to achieve this progress, we were
delighted to have received the Investors In People
Award for investment in apprentices, whilst also
being recognised by The Inspiring Workplaces
Group as a Top 50 Inspiring Workplace in the UK
and Ireland.
We have also completed the roll out of our
Speedy Work Life Balance initiative, with 85%
of eligible colleagues choosing to participate;
offering them choices and flexibility in how
they structure their time whilst ensuring the
right balance to continue to deliver outstanding
customer service.
I would like to take this opportunity to thank all
our colleagues for their continued hard work and
dedication to the business, whilst continuing to
deliver a first-class service to our customers.
OUTLOOK
Despite the macro-economic challenges, we have
remained committed to, and in parts accelerated,
the implementation of our Velocity strategy during
its ‘Enable’ phase, which is setting the foundation
for growth opportunities for the benefit of our
customers and people, whilst maintaining
shareholder returns. Our transformation is key
to our business, ensuring service excellence,
innovation and ease of transacting for our
customers, from an efficient and systems driven
operating model.
We are focused on what we can control, and
we will continue to manage our cost base and
balance our investment decisions through the
current economic cycle. We are well positioned to
capitalise on end market recovery.
We anticipate seeing the benefit from a promising
pipeline of growth opportunities with new
and existing customers, alongside increased
commitment and clarity on government spending.
The Board is confident of achieving its full year
expectations.
DAN EVANS
Chief Executive
Speedy Hire Plc Annual Report and Accounts 2025
16
PAUL JACKSON
Chief Digital Officer
In July 2023 we launched our transformation plan,
underpinning our Velocity growth strategy to
enable and deliver our stated financial and non-
financial targets over a five-year term.
The Group-wide programme is built on six key
pillars: Customer Focus, Operational Excellence,
Innovative Growth, Technology and Data,
People First, and Speeding up on Sustainability.
It is designed to improve our operations and
colleague experience, improve the experience for
our customers, enable us to become a digital and
data led business and create a step change in
efficiency, delivering the technical and operational
changes required to establish our future
business model.
H
£
£
CUSTOMER FOCUS
Our aim is to transform how we do business and
become the easiest business to deal with for
customers, by providing a fast, comprehensive,
and efficient service, with a consistent customer
experience across all contact points.
New digital channel launch
A major element of our customer focused
developments is ensuring we provide a consistent
single ‘shop front’ view across all channels
such as our website, app and catalogue. During
the year, our digital teams have been working
with stakeholders both inside and outside the
business to develop a new website platform
powered by a leading Content Management and
e-commerce System provider; Optimizely.
The new platform, will revolutionise our digital
offering and drive significant percentage
increases in online revenue. During FY2025 we
set live sections on the website platform including
our Investor hub, ESG hub, and Careers hub.
FY2026 will see the launch of additional content
areas, along with the key transactional elements.
Our Transformation Programme
DIGITALLY AND DATA DRIVEN...
OUR
NETWORK
OUR
LOGISTICS
OUR
ASSETS
...POWERED BY OUR PEOPLE AND PARTNERS
TRANSFORMATION REVIEW
Speedy Hire Plc Annual Report and Accounts 2025
17
Corporate Information Financial Statements Strategic Report Governance
Major contracts
During the year we secured a number of major
contracts from National customers. In June 2024,
we announced that we had secured a major new
core hire and solutions contract with Amey Group
Services Limited ('Amey'), a leading provider of
engineering, operations and decarbonisation
solutions for UK infrastructure. This new long-term
contract, representing significant annual revenue,
was mobilised during the latter part of FY2025.
Amey selected Speedy Hire due to our industry
leading sustainability credentials and wide range
of commercially sustainable eco-products, all of
which align with Amey’s own ESG framework
and purpose to deliver sustainable infrastructure
solutions, as well as our enhanced digital offering
developed through our transformation programme.
Trade and retail
During the prior year we developed our
partnership with leading home improvement and
garden living retailer, B&Q, to facilitate in-store
digital tool hire services from over 300 B&Q
stores nationwide. Exclusively, in collaboration
with Speedy Hire, the partnership enables
tradespeople and consumers to hire tools for
home delivery both in store at the B&Q till as part
of their overall shopping transaction, or 24/7 via
B&Q’s websites, diy.com and trade-point.co.uk.
H
£
£
INNOVATIVE
GROWTH
We recognise that in a dynamic and competitive
commercial landscape, innovation is a key enabler
for continued long-term profitable growth.
Launch of new CRM system
During the year we began a phased approach
to implementing a new Customer Relationship
Management ('CRM') system. The new CRM
technology has been launched in our Customer
Relationship Centre; our central hub in South
Wales, dedicated to servicing our Regional, Trade
and Retail customers, and will be rolled out
across the business during FY2026. This system,
integrated into our digital platforms, is a vital
tool in enabling us to use internal and external
data to better understand our customers buying
behaviours and target our sales and marketing
activity more effectively, aligning the outputs of
our AI solutions to have our products available
where our customers need them, every time.
Investing in specialist innovation
We invest capex each year to renew our hire
product portfolio, bringing innovative products
to market to satisfy our customers’ needs. With
our collaborative approach, in recent years we
have designed, developed and launched products
in conjunction with global leading supply
chain partners, such as Milwaukee on their MX
FUEL™ cordless battery system, and NiftyLift on
launching the world’s first hydrogen powered
access lift.
In keeping with this theme, during FY2025 we
launched a brand-new lighting solution designed
specifically for the rail market in partnership
with Ritelite Systems Ltd, at an innovative event
called ‘Ticket to Innovate’ curated by our in-
house event team. The event, which took place
at the historic Nene Valley Railway, provided an
immersive delegate experience featuring hands-
on equipment demonstrations in a live rail setting.
It brought together our suppliers with industry
leaders, buyers, and decision-makers from the
rail industry, creating dynamic discussions on
sustainability initiatives and tackling industry
challenges, whilst simultaneously launching
the new lighting system. The event successfully
reinforced our reputation for innovation within
this valuable infrastructure community and led to
direct orders of the new system for infrastructure
projects and national customers.
Following our investment in FY2024, during the
year we have mobilised our eco Battery Storage
Units and hydrogen power generators to our
customers. These products are enabling them to
achieve both financial and environmental savings
compared to alternative systems available, and
we are continuing to see a growing demand for
zero emission power solutions from our National
customers working on major projects.
The transformation programme is built around six clearly defined workstreams:
TECHNOLOGY AND DATA CUSTOMER FOCUS INNOVATIVE GROWTH
PEOPLE FIRST OPERATIONAL EXCELLENCE SPEEDING UP ON SUSTAINABILITY
TRANSFORMATION REVIEW CONTINUED
Speedy Hire Plc Annual Report and Accounts 2025
18
Embedding Motion Kinetic into
Lloyds British
During the year, we embedded Motion Kinetic
into our Lloyds British testing, inspection and
certification ('TIC') business, marking a significant
milestone in our Velocity transformation. The
new system has enabled us to streamline our
inspection procedures and administration,
more efficiently generate TIC reports, access
critical documents instantly and improve data
accuracy, resulting in a better and safer customer
experience. Through a more user-friendly
configuration for our Lloyds British colleagues,
the system also enables our engineers to keep
ahead of renewal testing requirements by
providing automated alerts, ensuring they can
take advantage of opportunities to retain and
grow our customer base in the TIC marketplace.
Industry leading Innovation Centre
Our award winning, net-zero Innovation Centre
located in Milton Keynes which has a rare
EPC rating of A+ enables us to showcase the
innovation we bring to the market in both how we
operate, and through the eco products we provide
to customers. These products range from the MX
FUEL™ Milwaukee battery powered tool series,
available exclusively through Speedy Hire in the
UK, to the world’s first hydrogen powered access
machines developed by Niftylift in conjunction
with Speedy Hire. As a flagship example of
a net-zero operation, we have attracted over
6,600 customers to tour the site since opening,
enabling them to view first-hand the breadth of
eco products we bring to market, and be inspired
to take back best practice eco-innovation to their
own organisations.
OPERATIONAL
EXCELLENCE
We’re investing in world class operations and
processes to reduce cost, drive efficiency and
enhance our people’s experience by becoming an
easy business to work for.
Optimising our network
Our developing Service Centre network and
logistics model serves as the core to achieving
operational excellence and great customer
service. From order taking, fulfilment and delivery,
to engineering and management of our assets,
we have continued to develop our network by
creating newer, larger energy efficient centres
that operate at scale, enhancing engineering
capabilities to drive increased asset availability,
and improving the working environment for
our people. During the year we consolidated a
number of less efficient locations; opening new
Regional Service Centres in Ashford, Birmingham,
and Cumbria, the latter being strategically located
to support the opportunities presented in the
nuclear energy sector.
System led logistics trial with Openfleet
During the year we trialled a new system-led
approach to our logistical operations. Using the
AI logistics management system ‘OpenFleet’, we
have the ability to optimise our route planning
across Service Centres, clusters and regions.
Moving from a manual to a system-led approach
will reduce unplanned mileage, transport costs,
effort and waste as well as our carbon footprint.
The trial, which was held in our Leeds cluster
where we fully engaged with our operational
colleagues as end-users of the system, to
encourage feedback, proved the benefits of the
new process. During FY2026 we will be rolling
out the new approach across the business and
integrating OpenFleet into our existing systems
and processes. Furthermore, it will provide greater
visibility and enhance tracking to our customers.
AI and digitised processes
During the year we have employed technology,
including AI, to optimise our operations in
supporting asset management and utilisation to
enable us to inform future capital spend. We have
also digitised our asset management process,
improving accuracy on stock count procedures
which are undertaken twice annually, supported
by our leadership team who physically visit every
Service Centre and engineering facility across the
network to support the process.
Integration of an Order
Management System
In FY2026 we will commence work on the
integration of an Order Management System
('OMS'). This new capability will provide our
digital channels and hire teams with live visibility
of all our assets’ stock positions and allow us
to automatically allocate orders to the most
efficient fulfilment location based on a customer’s
preference for delivery or collection. It will provide
real-time notifications on the progress of an
order, keeping customers informed at all stages
of the order lifecycle. This system will increase
the availability of assets for our customers and
further improve the speed at which we can meet
customer demand.
TECHNOLOGY
AND DATA
Our transformation programme is being driven by
leveraging technology and data to drive simplicity
and efficiency to support sustainable profitable
growth.
AI driven operations
We continue to work with our strategic partner
PeakAI, focusing on a range of AI driven initiatives
including forecasting, logistics, procurement,
pricing optimisation and enhancing our bids and
tenders proposition.
Data Driven
During FY2025 we implemented Power BI across
all business functions. Power BI is an advanced
business intelligence and data visualisation tool
developed by Microsoft. It enables users to connect
to various data sources, transform and clean data,
and create interactive visualisations and reports. By
utilising Power BI, management can easily analyse
and explore data to gain valuable insights and make
well-informed business decisions.
We are also using Power BI to help our customers
by providing them with product performance
information as well as validated carbon reporting
and helping them make the right carbon choices
when it comes to asset selection. We have
developed our first ever customer Power BI
carbon dashboard that quantifies and reports the
carbon emissions for both our hire equipment and
transport. This technology is another differentiator
in how we are innovating to add value to our
customer proposition.
Speedy Hire Plc Annual Report and Accounts 2025
19
Corporate Information Financial Statements Strategic Report Governance
TRANSFORMATION REVIEW CONTINUED
SPEEDING UP ON
SUSTAINABILITY
Leading as a responsible, sustainable business
is something we have been doing for many years
and is one of our founding principles for future
profitable growth.
Commercial sustainability
Our National and Regional customers increasingly
demand our latest, most innovative commercially
sustainable products on the market to enable
them to meet their commitments to reducing
carbon emissions. We are transforming our fleet
to meet this demand, with our eco products now
accounting for 56% of our revenue.
For Trade and Retail customers, hire reduces
their costs and risk. New, innovative tools and
equipment are important to them to ensure
they maintain their safety, health and wellbeing,
whether that’s through using carbon free
cordless tools that avoid trips and falls, to
operating machinery that improves air quality
and reduces noise.
Playing our part
Our holistic Environmental, Social and
Governance ('ESG') strategy equally includes our
commitment to our people and communities. We
are transforming our business culturally through
a wide range of initiatives to become a more
inclusive business that celebrates and invites
people from all backgrounds, at all levels, to
contribute to our growth strategy in what is an
ever-changing social landscape.
Whilst we are proud of our achievements in
leading on sustainability in the past, we have
accelerated our goals through our transformative
‘Decade to Deliver’ sustainability strategy.
Outlining this ambitious plan, we have published
tangible interim targets with the ambition of
becoming a net zero business by 2040; ten years
ahead of the UK Government target. During the
year we have:
h Became the first hire company in the UK to
achieve PAS2080:2023, helping customers
uptake eco and innovation solutions
h Reduced our scope 1 and 2 emissions by 50%
vs a FY2020 baseline
h Created £56.6m of social value
h Exceeded our target for having 5% of the
workforce in earn-and-learn positions by
2026, reaching 5.8%
Commercially sustainable vehicle fleet
Having already completely renewed our company
car fleet through the natural lease renewal
process so that it is now 100% electric or hybrid,
we have also continued transforming our
commercial fleet. We now operate hundreds of
electric and hybrid commercial vehicles, which is
having a significant positive impact on reducing
our carbon footprint.
For detailed information on our ambitious Decade
to Deliver strategy see pages 28 to 29 or visit our
website speedyhire.com/sustainability.
PEOPLE FIRST
Our people sit at the heart of the business and
are central to the delivery of our growth strategy.
At Speedy Hire we understand that a happy and
engaged workforce leads to increased productivity
and an enhanced customer experience.
As such, we are transforming our business to
become a class leading partner for customers
and suppliers, and an employer of choice for
colleagues, by adopting a ‘People First’ approach
at every touch point on our colleague journey.
Our ambition is to be recognised as a Sunday
Times Best Places to Work business where all
colleagues feel valued, included, and know the
vital role they play in our future success.
Performance driven culture
We continue to develop a culture, where people
are both encouraged to strive to achieve their full
potential and are equally supported in delivering
outstanding performance. This is underpinned
by our six core values, ambitious, innovative,
inclusive, safe, together, and trusted. Our People
First Road Map supports our Velocity growth
strategy; keeping our colleagues engaged in
transformation, introducing new skills, wellbeing
initiatives, development programmes, and
creating inclusive working environments.
Engaging our workforce
During the year we have made good progress in
reaching key People First milestones. We have
sustained our overall people engagement score
– two points ahead of the benchmark – despite a
challenging economic backdrop.
We are proud to have been trailblazers in our
industry and completed the roll-out of Speedy
Hire Work Life Balance – an industry first,
providing flexible working options for our people,
and we are pleased to report that our voluntary
attrition rate is now at an all-time low.
The Board engages directly with colleagues in
a variety of ways, includes via our Colleague
Consultative Committee ('CCC') which is attended
annually by Non-Executive Director, Rhian
Bartlett. The CCC provides a forum for effective
communication and consultation, promoting a
genuine exchange of views and ideas between
colleagues and senior management. It supports
colleague understanding of strategy, values, and
challenges, and provides a forum for colleagues
to raise questions and provide opinions on
matters affecting their interests and to receive
feedback from the Executive Board.
In addition, we have invested in more
apprenticeships and professional training for new
and existing colleagues, achieving the Investors
In People Award for investment in apprentices in
the process.
Our People First initiatives and activity have led
to Speedy Hire being named as a Top 50 Inspiring
Workplace in 2024 and 2025, our lowest ever
attrition rates, and 82% of colleagues stating that
they ‘are motivated to do their best work’ – four
points above the benchmark.
More information on the progress we’ve made on
our People First strategy can be found within our
ESG report on pages 39 to 40.
PAUL JACKSON
Chief Strategy & Information Officer
Speedy Hire Plc Annual Report and Accounts 2025
20
KEEPING OUR PEOPLE AND COMMUNITIES SAFE
At the core of supporting our Velocity strategy is our commitment to the safety of our colleagues and customers. At Speedy
Hire, everyone’s safety matters and we share a collective responsibility to keep everyone safe, which is why it is a key part
of our values.
COLLECTIVE
RESPONSIBILITY
We have made progress with our Collective
Responsibility Safety Programme launched in
the prior year, designed to drive improvements
and enhance monitoring and reporting, covering
our key pillars: People First, Safety Organisation,
Training, Health, and Innovation.
PEOPLE FIRST
We held colleague safety engagement days
through our Visible Leadership programme with
senior leaders attending all of our sites, hosted
Walk and Talk conversations to promote health
and wellbeing, and improved workwear and
PPE. We also took the opportunity to revisit
our principal safety rules and relaunched them
as ‘Our Commitments’, highlighting the key
principles in how we behave and engage with the
safety agenda on a daily basis.
SAFETY
ORGANISATION
Our Health and Safety Management System
is designed to eliminate accidents and injuries
at work and ensure that safety remains a
fundamental element of everyone’s mindset
across our operations, whether in our workplaces
or at customer sites. Since its implementation
in 2021 we continue to develop and promote
the use of EcoOnline; our safety management
reporting system for every colleague in the
business to manage safety incidents, accidents,
environmental incidents and hazardous and
near miss reporting. EcoOnline also enables
colleagues to record positive examples of safety
practices, providing the data for us to drive
continual improvement through corrective action
logging and root cause analysis. During the
reporting period the business recorded more than
7,790 events.
Recognising the importance of consulting with
and listening to our colleagues, we completed a
pulse safety culture survey where responses help
shape our Health, Safety, Security, Environmental
& Quality (‘HSSEQ’) Plan. We also continued to
provide outward monthly safety communications
to promote best practice and highlight successful
initiatives, including individual awards for
people demonstrating our Company-wide STOP
Campaign in practice, which reminds colleagues
to take a moment to Stop, Think, Organise and
Proceed (‘STOP’) before starting a task, to
prevent an accident from occurring.
TRAINING
We provided safety training to all our leaders,
managers and supervisors, including Leadership
Safety Culture training, Construction Design
& Management awareness for operational
managers and IOSH approved Managing Safety
Health Environment for 130+ colleagues.
HEALTH
We continued to provide occupational health
screening tests to our colleagues in National
Service Centres. We onboarded our new
occupational health partner PAM Group,
the largest privately owned Occupational
Health, Rehabilitation, Wellbeing and Absence
Management company in the UK.
Having rolled out defibrillators across our
property network and in a number of our vehicles
in the prior year, during FY2025 we registered
our defibrillators with The Circuit to enable the
public to use them. In addition, we embarked on
an internal campaign whereby we are ‘creating
a company of lifesavers’ by making CPR training
available to our colleagues via our PeopleFluent
training platform, in conjunction with one of our
charity partners, the British Heart Foundation.
Speedy Hire Plc Annual Report and Accounts 2025
21
Corporate Information Financial Statements Strategic Report Governance
INNOVATION
IN SAFETY
At Speedy Hire, we have consistently
demonstrated our commitment to advancing
safety and innovation within the vehicle fleet
industry, through collaboration with vehicle
suppliers during dedicated innovation days.
During FY2025 we identified a critical safety
challenge; protecting drivers whilst accessing
and exiting vehicle beds. Our response was the
development of a pioneering safety solution; a
moving walkway system with guard rails, coupled
with enhanced visibility features, designed to
safeguard operators in all conditions. Key benefits
of the system include:
h Enhanced operator safety: Operators gain
secure access to vehicle beds with full
protection from guard rails and clear hazard
demarcation.
h Improved visibility: Reflective paint and
LED lighting ensure clear hazard visibility,
reducing risks during night operations or low-
visibility conditions.
h Operational efficiency: The automated
walkway system streamlines operator
movements, reducing physical strain and
improving task efficiency.
h Durability and reliability: Built to withstand
diverse weather and operational conditions,
ensuring long-term safety performance.
The implementation of this safety solution has
transformed fleet operations at Speedy Hire and
has set a new safety benchmark serving as a
model for the industry. By addressing a critical
industry challenge with a practical and forward-
thinking solution, we have not only enhanced
operator safety but also demonstrated leadership
in fleet innovation.
PARTNERING
WITH ROSPA
During the year we were proud to partner
with The Royal Society for the Prevention of
Accidents ('RoSPA') in publishing the ‘Safer Lives,
Stronger Nation’ report. The report identifies
that preventable accidents in the UK are on the
rise, with deaths reaching an all-time high. Over
the last decade, in the UK the accident death
rate has increased by 42%, making it the second
biggest killer of under 40s. Over half (55%) of
all accident-related deaths occur at home and
accidents in general cost the UK £12 bn annually,
including £6 bn in NHS medical care and £5.9 bn
in lost working days.
RoSPA is calling for the Government to create a
National Accident Prevention Strategy – a first
for the UK. The official launch of the ‘Safer Lives,
Stronger Nation: Our call for a National Accident
Prevention Strategy’ took place in the Houses
of Parliament in September 2024. This marked a
major milestone in the campaign to address the
rising tide of preventable accidents and brought
together policymakers, experts, and advocates, all
united in the call for urgent action.
ENHANCING SAFETY
AND EFFICIENCY
THROUGH ADVANCED
TELEMATICS
In January 2025, we partnered with Samsara, an
industry-leading safety camera and telematics
system provider. This initiative aims to enhance
driver safety, reduce accidents, and improve
overall fleet efficiency.
The primary goal of adopting Samsara is to
improve safety through system coaching. The
cameras detect driver behaviours and uses audio
alerts to advise drivers, providing them with
opportunities to improve. If unsafe behaviours
persist, the system alerts management to suggest
further improvements.
The system also enables us to share information
with drivers, by focusing on behaviours that
negatively impact safety, and measuring our
driver’s performance. The driver safety score
serves as a fair, unbiased evaluation metric that
can be rewarded through initiatives such as our
Driver of the Month scheme and spot rewards.
Our partnership with Samsara marks a significant
step towards enhancing driver safety and
fleet efficiency at Speedy Hire. With advanced
telematics, clear communication, and rewarding
safe driving practices, this initiative aims to create
a safer, more accountable environment for all
drivers.
KEEPING OUR PEOPLE AND COMMUNITIES SAFE CONTINUED
SAFETY
STANDARDS
We recorded 0.26 RIDDOR accidents per 100,000
hours worked, consistent with our performance
last year. Our Lost Time Incident Frequency Rate
is 0.53 for the reporting period. Whilst a slight
increase on the prior year the number of days lost
is down by 47% on prior year.
Leading indicators (number of hazards reported,
near misses and positive observations: hazards
2957, near miss reports 582 and positive
observations 2057.
Speedy Hire Plc Annual Report and Accounts 2025
22
FINANCIAL KPIs
REVENUE
£M
ADJUSTED EBITDA
1
£M
OPERATING PROFIT
£M
OPERATING CASH
£M
NET DEBT
2
TO EBITDA
1
TIMES
25
24
£416.6m
£421.5m
A measure of the work we are
undertaking.
25
24
£97.1m
£96.8m
Operating return before depreciation,
profit/loss on planned disposals of
hire equipment, amortisation and
non-underlying items.
25
24
£13.4m
£14.9m
Profit we generate from core
operations before the impact of
financing and tax.
25
24
£48.6m
£69.0m
Cash generated from operating
activities, including changes in
hire fleet.
25
24
1.9x
1.5x
A measure of how leveraged the
balance sheet is.
UTILISATION
3
%
ROCE
4
%
ADJUSTED EARNINGS
PER SHARE
5
PENCE
EARNINGS PER SHARE
PENCE
DIVIDEND PER SHARE
PENCE
25
24
53.9%
52.4%
How many of our itemised assets are
on hire to customers, in net
book value terms.
25
24
8.9%
9.9%
How well we are delivering a return
from the capital invested.
25
24
1.41p
2.35p
The return generated for the holder
of each of our ordinary shares,
adjusted to exclude amortisation
of acquired intangibles and non-
underlying items.
25
24
(0.24)p
0.59p
The return generated for the holder
of each of our ordinary shares.
25
24
2.60p
2.60p
The total return awarded to the holder
of each of our ordinary shares.
1
Operating profit before depreciation, amortisation and non-underlying items, where depreciation includes the net
book value of planned hire equipment disposals, less the proceeds on those disposals (profit or loss on planned
disposals of hire equipment). See note 11 to the Financial Statements.
2
This metric excludes lease liabilities. See note 20 to the Financial Statements.
3
Utilisation of itemised assets.
4
Return on capital employed: Profit before tax, interest, amortisation of acquired intangibles and non-underlying
items, divided by the average capital employed (where capital employed equals total equity and net debt
2
), for the
last 12 months. See note 11 to the Financial Statements.
5
See note 9 to the Financial Statements.
Speedy Hire Plc Annual Report and Accounts 2025
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Corporate Information Financial Statements Strategic Report Governance
CHIEF FINANCIAL OFFICER’S REVIEW
PAUL RAYNER
Chief Financial Officer
impacted by higher interest costs and lower
contribution from our Kazakhstan joint venture.
The Group’s profits continue to be impacted by
the effects of operational gearing from limited hire
revenue growth.
The Group incurred non-underlying items before
taxation of £9.6m (FY2024: £9.0m), further detail
of which is given below.
After taxation, amortisation and non-underlying
items, the Group made a loss of £1.1m, compared
to a profit of £2.7m in FY2024.
Revenue and margin analysis
The Group generates revenue through two categories, Hire and Services.
Revenue and margin by type
Year ended
31 March
2025
£m
Year ended
31 March
2024
£m
Change
%
Hire:
Revenue 255.0 253.6 0.6%
Cost of sales (49.7) (54.6)
Gross profit 205.3 199.0 3.2%
Gross margin 80.5% 78.5%
Revenue and margin by type
Year ended
31 March
2025
£m
Year ended
31 March
2024
£m
Change
%
Services:
Revenue 158.0 162.5 (2.8)%
Cost of sales (126.7) (130.9)
Gross profit 31.3 31.6 (0.9)%
Gross margin 19.8% 19.4%
Group financial performance
Total revenue for the year ended 31 March 2025
decreased by 1.2% to £416.6m (FY2024: £421.5m),
impacted by a fall in fuel revenues, which were
£30.1m (FY2024: £40.1m). Revenue (excluding fuel)
increased by 1.3% to £386.4m. Hire rates were
increased across our National customers and
maintained with our Regional customers, as
we stimulate growth in what is a highly
competitive marketplace.
Gross profit was £236.1m (FY2024: £230.0m),
an increase of 2.7%. Gross margin improved
to 56.7% (FY2024: 54.6%), benefitting from
increased hire rates, a fall in the proportion of
lower margin fuel revenue and a slight decrease
in hire fleet depreciation.
The share of profit from the joint venture in
Kazakhstan decreased to £1.0m (FY2024: £2.9m).
Adjusted EBITDA
1
was consistent with FY2024 at
£97.1m, with a slight increase in adjusted EBITDA
1
margin to 23.3%, however adjusted profit before
taxation
1
decreased to £8.7m (FY2024: £14.7m),
1
See note 11 to the Financial Statements.
Speedy Hire Plc Annual Report and Accounts 2025
24
Hire revenue increased by 0.6% compared to FY2024, reflecting recovery across Regional customers
and growth in Trade and Retail, albeit, slower than originally anticipated. Revenue from our National
customers was flat year on year, with rate increases offsetting volume decline.
During the year we secured and mobilised significant new, multi-year customer agreements and have
made the necessary investments in our hire fleet to support these contracts. We have maintained our
commitment to pricing discipline and the contract wins and extensions are a demonstration of Speedy
Hire’s overall customer proposition. These contracts, along with a substantial pipeline of opportunity,
give confidence of growth in FY2026.
Our services business has performed well during the year, although its pass-through fuel revenue
continues to be impacted by the decrease in wholesale prices, combined with some softening in volume
sales. Overall services revenues decreased by 2.8% in the year. Excluding fuel, services revenues
increased by 4.5%, driven by growth in Customer Solutions and Lloyds British, our testing, inspection
and certification business.
Gross margin increased from 54.6% to 56.7%, primarily resulting from rate improvements, slightly
lower depreciation in hire and a lower overall proportion of fuel sales. Hire margin increased to 80.5%
(FY2024: 78.5%) and Services margin was maintained at 19.8% (FY2024: 19.4%).
Utilisation of itemised assets was 53.9% (FY2024: 52.4%), an increase of 1.5pp on FY2024.
Overheads
The overheads (excluding non-underlying items) disclosed in the Income Statement can be further
analysed as follows:
Year ended
31 March
2025
£m
Year ended
31 March
2024
£m
Change
%
Distribution and administrative costs 210.5 202.9 3.8%
Amortisation – acquired intangibles (0.6) (0.6) –
Underlying Overheads 209.9 202.3 3.8%
We have maintained our focus on disciplined cost management, balanced against the need to invest
in the business to drive growth as part of our Velocity strategy. Underlying overheads increased by
£7.6m (3.8%) year on year and this was almost wholly attributable to investment in our people (c.£5m),
represented by an average pay increase of 5%. This was partially offset by lower utility costs in the
year, driven by lower pricing and usage improvement and the savings realised from operational and
management restructuring activities undertaken in FY2024.
We have continued to improve our overdue debt position in the year, which has resulted in a reduction
in the impairment of trade receivables to £2.6m (FY2024: £3.2m).
Closing headcount is broadly flat year on year, however, average headcount was 2.2% lower due to
restructuring activities undertaken in the prior year.
2025 2024
Change
%
Headcount at year end 3,307 3,293 0.4%
Average headcount during the year 3,335 3,409 (2.2)%
Non-underlying items
Year ended
31 March
2025
£m
Year ended
31 March
2024
£m
Transformation costs 6.6 3.2
Other professional and support costs 1.8 1.9
Restructuring 1.2 3.9
Total 9.6 9.0
We have continued to invest in progressing the Group’s Velocity strategy. As documented in the prior year,
this programme continues to represent a significant, incremental cost to the business during its ‘Enable’
phase, which is entering its final year in FY2026. The anticipated cost (including costs incurred in FY2024
and FY2025) of this phase is between £20m and £22m, with £15m to £17m expected to be non-underlying.
Consistent with FY2024, the majority of costs in the year related to people and consultancy costs.
During the second half, the Group incurred professional and other support fees, primarily in respect of
the re-financing of its borrowing facilities. These fees are not appropriate to capitalise against the new
facilities and do not represent an ongoing, underlying cost to the business due to the infrequency of
refinancing activities and the quantum of the costs incurred.
Following the autumn budget, in which increases to national insurance and the national living wage
were announced, a decision was taken to accelerate ‘Future State’ restructuring plans that form part of
the operational model changes in the Velocity strategy. The restructuring has resulted in the closure of
8 depots, with a resulting reduction in headcount. Similarly, these costs do not represent an underlying
cost to the business.
Further detail on non-underlying items can be found in note 3.
Speedy Hire Plc Annual Report and Accounts 2025
25
Corporate Information Financial Statements Strategic Report Governance
CHIEF FINANCIAL OFFICER’S REVIEW CONTINUED
Interest and banking facilities
Year ended
31 March
2025
£m
Year ended
31 March
2024
£m
Interest on borrowings 9.5 7.7
Interest on lease liabilities 6.4 5.0
Total 15.9 12.7
The Group’s finance costs increased to £15.9m (FY2024: £12.7m) reflecting higher average gross
borrowings following the necessary investment in our hire fleet to support contract wins, and the impact
of increased interest rates on borrowings and the extension of significant leases in the year.
Borrowings during the year were priced based on SONIA plus a variable margin, while any unutilised
commitment was charged at 35% of the applicable margin. During the year, the margin payable on the
outstanding debt fluctuated between 1.75% and 2.35% dependent on the weighting of the asset base
on which borrowings are based between receivables and plant and machinery. The effective average
margin in the period was 2.14% (FY2024: 1.92%).
The Group’s financing facilities include quarterly leverage
2
and fixed charge cover covenant tests. The
Group maintained headroom against the financial covenants throughout the year.
During the year, the Group also utilised interest rate hedges to manage fluctuations in SONIA. The
fair value of these hedges was a liability of £0.1m at 31 March 2025 (FY2024: £0.4m asset). The hedges
have varying maturity dates, notional amounts and rates and provide the Group with mitigation against
interest rate rises. As of 31 March 2025, 35% of the Group’s net debt is hedged with a weighted average
hedge rate of 4.46%.
After the year end the Group refinanced its borrowings, with new facilities of £225m comprising a £150m
revolving credit facility ('RCF') and a £75m private placement term loan. The refinancing replaced the
£180m asset based lending facility. The RCF has a three year maturity with options to extend up to a
further two years and the private placement term loan has a seven year maturity. The revolving credit
facility is priced based on SONIA plus a variable margin, while any unutilised commitment is charged at
35% of the applicable margin. The price on the private placement term loan is fixed for the duration of
the facility. This new debt structure will provide the Group with the platform and flexibility with which to
support its commitment to long-term, sustainable growth.
Taxation
The Group seeks to protect its reputation as a responsible taxpayer and adopts an appropriate attitude
to arranging its tax affairs, aiming to ensure effective, sustainable and active management of tax matters
in support of business performance.
The tax charge for the year was a credit of £0.4m (FY2024: £2.4m charge), with an effective tax rate
of 26.7% (FY2024: 47.1%). Adjusting for the impact of non-underlying items, the effective tax rate for
FY2025 was 24.1% (FY2024: 26.5%).
Shares and earnings per share
At 31 March 2025, 516,983,637 Speedy Hire Plc ordinary shares were outstanding (FY2024: 516,983,637),
of which 55,141,657 were held in Treasury (FY2024: 55,146,281), with 1,329,911 held in the Employee
Benefit Trust (FY2024: 4,106,820).
Adjusted earnings per share
4
was 1.41 pence (FY2024: 2.35 pence). Basic earnings per share
4
was (0.24)
pence (FY2024: 0.59 pence).
Balance sheet
Hire fleet additions in the year were £57.5m (FY2024: £42.5m), necessary in supporting major contract
wins and strategic growth engines. Of our investment in hire fleet, 71% related to carbon efficient eco
products (FY2024: 63%). Expenditure on non-hire property, plant and equipment of £5.7m (FY2024:
£9.0m) represents continued investment in our properties and IT capabilities. Total capital expenditure
in FY2025 was £63.2m (FY2024: £51.5m).
Total proceeds from disposal of hire equipment were £13.2m (FY2024: £16.1m). This was driven primarily
by a one-off auction undertaken in the second half, to dispose of older, underutilised equipment no
longer forming part of the Group’s strategic direction.
In FY2026, the Group expects to invest in its hire fleet at a similar level to FY2025 to continue to support
growth ambitions.
Net property, plant and equipment (excluding IFRS 16 right of use assets) was £243.3m as at
31 March 2025 (FY2024: £233.1m), of which equipment for hire represents 91.4% (FY2024: 90.3%).
Intangible assets decreased marginally to £38.4m (FY2024: £39.7m), primarily due to amortisation, offset
by continuing IT development expenditure, relating to transformation activities.
1
See note 11 to the Financial Statements.
2
Leverage: Net debt
3
to EBITDA
1
. This metric excludes the impact of IFRS 16.
3
See note 20 to the Financial Statements.
4
See note 9 to the Financial Statements.
Speedy Hire Plc Annual Report and Accounts 2025
26
Right of use assets of £104.2m (FY2024: £97.3m)
and corresponding lease liabilities of £105.9m
(FY2024: £97.6m) have increased due to
extensions on strategically important property
leases and new vehicle leases to support the
move to a lower carbon fleet, which were offset in
part by depot closures and consolidations.
Gross trade receivables increased marginally
to £97.9m at 31 March 2025 (FY2024: £97.3m),
however the level of overdue debts has
reduced reflecting focus on working capital.
Trade receivables more than 31 days overdue
have reduced 23.3% from FY2024. Bad debt
and credit note provisions were £2.9m as at
31 March 2025 (FY2024: £3.4m), equivalent to
3.0% of gross trade receivables (FY2024: 3.5%).
In setting the provisions the Directors have given
specific consideration to the impact of macro-
economic uncertainties. Whilst the Group has
not experienced a significant worsening of debt
collections or debt write-offs to 31 March 2025,
there remain some indications of continued
economic vulnerability and risk of insolvencies
and therefore we continue to monitor the
situation closely.
Debtor days as at 31 March 2025 were 66 days
(FY2024: 64 days, HY2025: 68 days). Trade
payables as at 31 March 2025 were £54.1m
(FY2024: £44.9m). Creditor days were 61 days
(FY2024: 40 days, HY2025: 69 days), the result
of us collaborating with suppliers to align our
working capital cycle.
Cash flow and net debt
Underlying operating cash flow
5
for the year was
£91.8m (FY2024: £100.2m), representing 94.5%
(FY2024: 103.5%) conversion from EBITDA. Free
cash flow
6
is a key metric for the Group and in
the year was £0.8m (FY2024: £23.5m), the result
of necessary hire fleet investment to support
contract growth and transformation costs.
Net debt
3
increased by £11.8m from £101.3m at the
beginning of the year to £113.1m at 31 March 2025,
due to increased hire fleet capital investment
and transformation costs. As a result, leverage
2
increased to 1.9 times (FY2024: 1.5 times). This
follows the continued investment in the hire fleet
and returns to shareholders during the year. Total
net debt, including lease liabilities, was £219.0m
(FY2024: £198.9m), resulting in post IFRS 16
leverage of 2.3 times (FY2024: 2.1 times).
The Group retained substantial headroom within
its committed bank facility throughout the year,
with cash and undrawn facility availability of
£42.0m as at 31 March 2025 (FY2024: £56.7m).
Capital allocation policy
The Board has reviewed the capital allocation
policy to ensure that it meets our strategic
objectives. We have developed a clear capital
allocation approach to ensure a balance between
investment in the business for long term
sustainable success and the creation of returns to
shareholders.
Our disciplined approach to capital allocation
through the business cycle will reflect the
following objectives:
h Aim to use debt funding to support
investment in capital equipment. The
business is currently well invested with a fleet
age profile at the younger end of our peer
group in the market. This allows flexibility to
manage debt levels through any downturn
in the economic cycle by reducing capital
investment and allowing the fleet age profile
to lengthen, leading to a reduction in debt
without impacting our ability to meet the
service needs of customers. This flexibility
was evidenced during the pandemic in
FY2021.
In view of the ability to use this lever, a
decision has been taken to manage core debt
levels within a target range of 1.0 to 2.0 times
EBITDA through the cycle. We will permit
debt levels to move outside these parameters
in circumstances where we have specific
short term investment requirements for new
growth opportunities ahead of earnings
being generated. Our recently announced
replacement debt facilities offer the flexibility
to support this approach;
h We will aim to provide regular returns to
shareholders through the economic cycle by
way of annual dividends. The Board will look
to maintain the dividend during any downturn
in the cycle given the ability to manage cash
generation and target to grow dividends from
the current base in line with earnings growth;
h In the event of major strategic projects or
opportunities such as acquisitions, we will
make specific assessment of the funding
requirement and structure of financing at
that time;
h In the event of significant excess capital, the
Board will look at the appropriate way to
enhance returns to shareholders.
The Board continues to believe that maintaining a
strong balance sheet through the cycle will allow
the Group to take full advantage of opportunities
that arise.
Dividend
The Board has proposed a final dividend for
FY2025 of 1.80 pence per share (FY2024:
1.80 pence per share) to be paid on
19 September 2025 to shareholders on the
register on 8 August 2025.
The cash cost of this dividend is expected to be
c.£8.3m. This takes the total dividend for FY2025
to 2.60 pence per share (FY2024: 2.60 pence
per share), following an interim dividend of 0.80
pence per share (FY2024: 0.80 pence per share).
A Dividend Reinvestment Plan ('DRIP') is
provided by Equiniti Financial Services
Limited. The DRIP enables the Company’s
shareholders to elect to have their cash dividend
payments used to purchase the Company’s
shares. More information can be found at
http://www.shareview.co.uk/info/drip
PAUL RAYNER
Chief Financial Officer
1
See note 11 to the Financial Statements.
2
Leverage: Net debt
3
to EBITDA
1
. This metric excludes
the impact of IFRS 16.
3
See note 20 to the Financial Statements.
4
See note 9 to the Financial Statements.
5
Underlying operating cash flow: Cash generated
from operations before changes in hire fleet and non-
underlying items.
6
Free cash flow: Net cash flow before movement in
borrowings, merger and acquisition activity and
returns to shareholders.
Speedy Hire Plc Annual Report and Accounts 2025
27
Corporate Information Financial Statements Strategic Report Governance
ESG REPORT
AMELIA WOODLEY
ESG Director
Statement from the ESG Director
As we reflect on our progress at this pivotal mid-
point in our Decade to Deliver strategy, the journey
to a low-carbon, just economy is not only essential,
but a real commercial opportunity. While economic
pressures across the UK present real challenges,
our commitment to sustainability, driven by
the evolving needs of our customers, has only
continued. The demand for lower-carbon solutions
is rising. The rapid uptake of our eco products
demonstrates this, growing to 56% of revenue of
itemised assets in FY2025, and our climate risk
modelling illustrates how well positioned we are
to meet it. Our customers are telling us, through
both contracts and collaboration, that ESG is a
commercial imperative.
Our ambition to become the most efficient
and sustainable UK hire business is matched
by our investment in innovation, responsible
sourcing, and the tools that bring performance-
based data to the fore. This year, we have made
meaningful strides toward activity-based carbon
measurement, laying the groundwork for science-
aligned and data-driven decision-making with
tangible emissions reductions. The shift from
ambition to action has also opened new avenues
for revenue, demonstrating how environmental
stewardship and commercial strength can, and
must, go hand in hand.
At the same time, we’ve made strong progress
on social value and green skills development.
Whether it’s preparing our workforce for
a sustainable future or supporting local
communities through investing and driving social
value, we’re showing how inclusive growth can
power real transformation. ESG is evolving, and it
will continue to do so, and we stand ready to lead
this change, hand-in-hand with our customers
and communities.
Looking ahead, we see ESG as a driving force in
our commercial growth and sector leadership.
The foundations laid in FY2025, with our ongoing
engagement with our customers on their needs,
will serve as a launchpad for deeper impact and
smarter solutions. We are entering an era where
sustainable action is clearly aligned with our
profitability, and we are excited to build on this
momentum in the years to come.
ESG strategy – going greener, faster
Our Decade to Deliver strategy is the roadmap
that lays out our journey to become the leader in
green hire. Leading in net zero and social value is
essential, not only because of our commitment to
participate in the transition to a low-carbon, just
and fair economy, but also because a sustainable
business is more attractive to our customers,
partners, colleagues and investors. From
offering increasingly desirable ‘eco products’ to
strengthening our commercial bids and tenders
with sector-leading social value, commercial
sustainability is key to our business, both today
and in the future. Failure to progress on our
Decade to Deliver will not only make it harder to
win work and attract colleagues but it may also
expose us to unforeseen risks that could have real
and lasting impacts.
We have continued to make progress against our
Decade to Deliver strategy, which was launched
in FY2023 and sets out our ambition for delivering
the future of green hire as a leader in our sector.
Through ongoing investment in innovation and
scaling low-carbon solutions, we continue to
support the decarbonisation of the construction
and infrastructure sectors and provide our
customers with cost-effective and sustainable
solutions. Eco products are the future, and that
is illustrated through the fact that the net zero
economy grew faster than the economy overall in
2024.
1
As such, these products can not only help
us decarbonise but also maximise our revenue
potential as GHG emissions reduction becomes
more important as we work towards net zero.
The importance of the social side of our Decade
to Deliver strategy also cannot be understated.
Social value is becoming increasingly important
for construction, with the UK Government
1
https://eciu.net/analysis/reports/2025/net-zero-
economy-across-the-uk
Speedy Hire Plc Annual Report and Accounts 2025
28
recently launching the new Social Value Model
and more and more tenders requiring the
demonstration of social value creation. We can
also demonstrate this internally by working
together to help our colleagues achieve their
full potential, improve diverse representation
across the construction industry, and support the
communities in which we operate.
FY2025 achievements
h EcoVadis Platinum – top 1% globally for
sustainability
h Financial Times European Climate Leader 2025
h CDP A-
h ISS Prime C+ ESG Leader
h Taskforce on Nature Financial Disclosures
early adopter
h Construction News Carbon Reduction
Champion
h Social Recruitment Covenant Gold
At this mid-way point in our Decade to Deliver,
we have made significant progress, but we know
that there is more to do. With our plans to deliver
our goals, we are well positioned to contribute to
building the net zero economy and provide future
opportunities for our business and society.
THE DECADE TO DELIVER
A HIRE REVOLUTION:
Inspiring people to make Hire their first choice
WORKING TOGETHER
Accelerating
Innovation
Hire is built for
sustainability. This
decade we’re going to
make hire even more
sustainable than it
already is by working
even harder with our
customers, suppliers
and investors to push
for even better designed
products: built to last,
designed to be repaired
and made to be recycled.
Climate
Solutions
When it comes to climate
change, we’re all facing
the heat. We’re going
Net Zero Carbon, fast
and we are helping our
customers do the same.
That means accelerating
towards low carbon
delivery vehicles and
innovative products
and services to help
our customers respond
rapidly.
Including
Everyone
Delivering on the
promise of a sustainable
Speedy requires great
people working together
on shared goals. At
Speedy we look out for
one another and help
each other grow. By
welcoming everyone
into the Speedy family
and helping them be
the best they can be,
we can really make this
decade count.
Part of the
Community
Speedy people are part
of local communities
all over the country. It’s
in our nature to join in,
help solve the challenges
we face today and get
ready for the future. A
decade of supporting
our communities will
help make a meaningful
difference.
Materiality assessment
In a world of evolving ESG legislation, trends and
opinions, it is crucial that we continue to focus
on the sustainability topics that matter most to
our business and our stakeholders. Our double
materiality assessment, conducted in FY2022, helps
us understand how our business interacts with society
and the environment and ensures that the Decade to
Deliver strategy remains relevant and is achieving the
right sustainability and commercial outcomes.
Five material ESG topics were identified from the
double materiality assessment. These five topics are
the most important to our stakeholders, but they
also pose the greatest potential impact from a risk
or an opportunity perspective. Each topic has been
allocated an Executive Team Sponsor to ensure
accountability. The five topics are:
h Waste and circular economy
h Diversity, equity and inclusion
h Health, safety and wellbeing
1
h Human rights and modern slavery
h Responsible sourcing
Throughout this report, we will disclose progress
on our material topics through the lens of our
Decade to Deliver strategy. For the first time, we are
reporting with reference to the Global Reporting
Initiative ('GRI') Standards, and disclosure of our
performance data against the relevant standards can
be found here.
In FY2026, we will conduct a new double materiality
assessment, following the requirements of the
EU Corporate Sustainability Reporting Directive
('CSRD'), to ensure we continue to follow best
practices. This approach will explore our impact,
both of our own operations and our value chain’s,
on society and the environment, and how certain
material issues may affect our business financially.
1
Information on health, safety and wellbeing can
be found on pages 21 and 22 of this Annual Report
and Accounts.
Impact to the business
Key:
Very high – Needs active management High – Actively monitoring Moderate – Tracking
Importance to stakeholders
Diversity, equity
and inclusion
Human rights and
modern slavery
Waste and
circular
economy
Nature and
biodiversity
Sustainable
governance
Product
governance
Climate mitigation
and adaption
Employee
development
Responsible
sourcing
Pollution
prevention
Data privacy
and security
Health, safety
and wellbeing
Business
ethics
Community
relations
Water
management
Speedy Hire Plc Annual Report and Accounts 2025
29
Corporate Information Financial Statements Strategic Report Governance
ESG REPORT CONTINUED
SUSTAINABILITY PERFORMANCE
Our sustainability dashboard, outlining progress against our targets
Pillar Goal Target FY25 Progress Status
ACCELERATING
INNOVATION
To be the green icon
of hire
70% of eco products by volume by 2027 53% (FY2025) On track
Zero waste to landfill 99.9% (FY2025) On track
85% recycling by 2025 69% (FY2025) Working towards
CLIMATE
SOLUTIONS
Achieve net zero by
2040, and be nature
positive by 2030
51.6% reduction in Scope 1 and 2 emissions by 2030 50% vs 2020 On track
42% reduction in Scope 3 emissions by 2030 +10.43% vs 2020 Working towards
100% renewable electricity by 2027 94% (FY2025) On track
30% of natural gas will be replaced with alternative fuels and
technologies by 2030
67% (FY2025) Target met
100% of company cars to be electric/hybrid by 2025 100% (FY2025) Target met
15% of HGVs transitioned to electric by 2030 1.3% (FY2025) Working towards
25% of HGVs converted to HVO D+ by 2030 21%(FY2025) On track
66% of LCVs to be electric by 2030 21% (FY2025) On track
35% reduction in hotel use by 2030 4% vs FY2024 Working towards
45% reduction in car use emissions by 2030 +4% vs FY2020 Working towards
40% reduction in air travel emissions by 2030 75% vs FY2020 Target met
68% reduction in emissions associated with sold diesel by 2030 +30% vs FY2020 Working towards
18% reduction in sold fossil fuels such as petrol by 2030 +69 vs FY2020 Working towards
INCLUDING
EVERYONE
To be a Top 100
employer
30% of women by 2030 21.66% (FY2025) Working towards
100% of people received DEI training by 2025 96%(FY2025) On track
5% of the workforce in earn-and-learn positions by 2026 5.8%(FY2025) Target met
80% people engagement score by 2027 74% (FY2025) Working towards
PART OF THE
COMMUNITY
To support local
communities
1% profit invested in charitable and community programmes by 2025 1% (FY2025) Target met
1 day volunteering days per employee per annum 140 days (FY2025) Working towards
Increase our social value year on year £56.6m (FY2025) Target met
Target met On track to meet targets Working towards meeting targets Not on track to meet targets; working to address
Speedy Hire Plc Annual Report and Accounts 2025
30
ESG governance – being brilliant at the basics
Strong governance for us at Speedy Hire means being brilliant at the basics with appropriate controls
that underpin the execution of our Decade to Deliver and Velocity strategies. Our governance approach
aims to help us excel at the fundamentals, providing structure and executive leadership oversight
to ensure timely, informed and integrated decision-making. It involves a top-down approach that
incorporates every business function and level, beginning with our Board.
Governance framework
PLC BOARD
Chief Executive
Audit & Risk
Committee
Remuneration
Committee
Nomination
Committee
Sustainability
Committee
EXECUTIVE TEAM
ESG Director
ESG Committee
ESG Data
Governance
Nature Communities ISO2400
Modern
Slavery/
Human Rights
Carbon
and Climate
Change
Committee Responsibilities
Meetings
in FY2025
BOARD
Responsible for the executive management of all ESG-related risks
and opportunities. It provides the necessary capital and budgetary
sign-off to deliver key projects and initiatives to drive progress.
10
SUSTAINABILITY
COMMITTEE
Oversees the management of TCFD and climate-related risks and
opportunities as part of the Committee’s oversight of the Company’s
ESG strategy and performance against targets.
3
REMUNERATION
COMMITTEE
Integrates our ESG-related performance metrics where relevant
into the Company’s variable remuneration, including the Executive
Team’s bonus payments being linked to targets related to carbon
reduction &gender diversity.
4
AUDIT & RISK
COMMITTEE
The Committee reviews the efficacy of risk management and internal
control processes, including risk related to climate change and
oversees the Company’s compliance with its disclosure obligations.
4
NOMINATION
COMMITTEE
Supports the Company’s diversity, equity and inclusion strategy
with the aim of developing an increasingly diverse and inclusive
workforce including across backgrounds, experience, knowledge,
skills and gender which additionally helps create a sustainable and
prosperous business.
2
ESG COMMITTEE
Tracks performance against Decade to Deliver and other ESG
ambitions under Velocity. Monitors progress against all strategic
targets and initiatives, as well as the management of climate-related
risks and opportunities. Oversees biannual horizon scanning for key
ESG trends and risks plus the potential business impact. The ESG
Director provides updates to the Executive Team once a month.
11
SUSTAINABILITY
ROUNDTABLE
Forum containing 28 ESG Business Partners, serving as a platform
for discussing ESG-related issues and trends. Meets quarterly;
chaired by the ESG Director to identify ways to further embed ESG
principles into Speedy Hire’s culture and day-to-day operations.
4
SUSTAINABILITY
GROUPS
Cover our strategic pillars and material topics, meeting monthly
to generate ideas and provide support in delivering key initiatives,
including TCFD reporting, ISO 20400, social value development and
human rights due diligence.
24
Speedy Hire Plc Annual Report and Accounts 2025
31
Corporate Information Financial Statements Strategic Report Governance
Responsible sourcing – know your
supply chain
Responsible sourcing is a critical element to the
delivery of our Decade to Deliver and Velocity
strategies, as a significant proportion of our
sustainability risks and opportunities reside in
the supply chain. Recent modelling conducted
as part of our Task Force on Climate-related
Financial Disclosures (TCFD) requirements
demonstrates that customers want sustainable
product solutions, and that demand will only
increase. So, to maintain pace with market
demand and meet our customers’ needs, we
must ensure we source from across the value
chain to align with this demand. Procuring in this
way will also help us become more commercially
attractive, especially with public sector tender
requirements, which are a key revenue stream for
us. While procurement for all business purchasing
decisions lies with our supply chain team, our
Investment Committee plays an important role
in reviewing major procurement decisions. This
ensures that ESG considerations are built into
all types of procurement decisions, including
significant capital expenditure and new product
purchases. More details of their work can be
found on page 34.
We incorporate ESG principles into all stages
of our procurement process, holding suppliers
to account through our Supplier Code of
Conduct. This outlines our expectations of
them, covering matters such as ethical labour
practices, environmental responsibility and
transparent business operations. As part of
our supplier onboarding process, we assess
business credentials, insurance documentation,
accreditations, risk factors and ESG performance
through our supplier onboarding portal, GEP
Smart. Suppliers also complete structured ESG
questionnaires, evaluating their sustainability
journey, ethical sourcing practices and use of
sustainable materials.
Setting the standard: responsible
sourcing and supply chain ethics
With 96% of our sustainability risks and
opportunities associated with the supply
chain, managing these risks through effective
governance and ethical practices will create
long-term resilience for our business. In FY2025,
we deepened our commitment to these issues
by continuing our work towards two globally
recognised standards: ISO20400 (Sustainable
Procurement) and BS25700 (Organisational
Response to Modern Slavery). Aligning with these
frameworks not only strengthens our internal
governance and due diligence processes but also
supports our ambition to lead the sector in ethical
and sustainable business practices. Alignment
with BS25700 is referenced as good practice
in the UK Government’s update to statutory
guidance on modern slavery reporting and is part
of the UK’s newly introduced PPN002 regulation
to ensure social value and ethical procurement
are taken into account in the awarding of central
government contracts.
These standards are becoming commonplace
in the private sector, including amongst some
of our major clients, so aligning with ISO20400
and BS25700 will help us remain commercially
attractive to an evolving client base. These
accreditations offer a structured pathway
to identifying and managing sustainability
and human rights risks, promoting supplier
accountability and building the capacity of our
supply chain to meet evolving ESG expectations.
To begin our alignment, we focused our
efforts on achieving ISO20400 by establishing
our ISO20400 working group, made up of
representatives from legal, ESG, risk, supply
chain, operations, HR, transformation and
category management. Over the course of
FY2025, the working group updated policies,
procedures and charters as well as conducted
key initiatives to advance progress such as supply
chain sustainability heatmaps to identify our
sustainability risks and opportunities.
As part of this work, we also registered with
SEDEX, a global platform for ethical supply
chain assessment, and initiated our first SMETA
audit, which is a four-pillar assessment covering
labour rights, health and safety, environmental
performance and business ethics. To extend our
due diligence beyond our own operations, we
began onboarding suppliers to SEDEX achieving
our target of onboarding 50% of our high-risk
suppliers in FY2025 and will continue to expand
this throughout FY2026.
We are also active contributors to the Built
Environment Against Slavery Group and the
Social Value Group, convened by the Supply
Chain Sustainability School (SCSS). This
collaboration brings together construction
and infrastructure partners to raise ethical,
environmental and social standards across the
built environment.
In FY2026, we will act upon the results and
findings from the supply chain sustainability
heatmapping exercise, implementing tangible
change such as rolling out our ISO20400 aligned
supply chain policies and SEDEX requirements
across our supply chain.
ESG REPORT CONTINUED
SUSTAINABILITY PERFORMANCE
Speedy Hire Plc Annual Report and Accounts 2025
32
ESG REPORT CONTINUED
ACCELERATING INNOVATION
Our own modelling analysis shows that demand
for our eco assets, across lighting and power,
could increase by 46% by 2030 if our largest
clients meet their emissions reduction targets. To
meet this demand, we continued investing in the
deployment of eco products and technologies,
working closely with our customers and suppliers.
In addition to our efforts to reduce emissions in
line with our science-based targets and those
of our clients, we have increased our focus on
solutions that support circularity and nature-
positive initiatives.
Our approach to accelerating innovation is led
by our Investment Committee, which explores
the potential for purchasing new products
that meet eco product criteria, such as tech-
enabled features and lower greenhouse gas
(GHG) emissions. We take a customer-centric
approach to product selection, ensuring that our
category managers reflect customers’ needs
in our innovation strategy. By working closely
with customers, we not only demonstrate the
benefits of new products but also seek to make
their operations easier while supporting their
sustainability goals.
Our Investment Committee and overall approach
are guided by our eco product roadmap, which
sets out our plan to transition 70% of our itemised
hire assets to eco products by 2027.
In FY2025, we commenced a review of our eco-
claims against the Competition and Marketing
Authority ('CMA') Green Claims Code. This is to
ensure that the eco-classification of our products
is robust and accurate and the green credentials
of our products and services are transparent to
our customers.
We recognise that the adoption of eco products
is not just a technological challenge – it also
requires practical user acceptance. These
products must be safe, reliable and comfortable
to use. That’s why we engage closely with our
customers to understand the challenges they
face on-site and collaborate with manufacturers
to develop solutions that optimise our ‘three Cs’ –
carbon, cost and comfort. This means developing
solutions that optimise whole-life cost and
carbon solutions, while meeting our customers’
operational needs. For more information on how
we classify our eco products, see our Eco Product
Brochure.
56%
of core hire revenue was
generated from eco products
53%
of our itemised assets
in our core hire
portfolio were eco
LEADING AS THE GREEN ICON OF HIRE
In FY2025, we saw a continued focus on decarbonisation in
the UK construction sector, driven by our customers’ own
near-term net zero targets as well as public decarbonisation
targets, including PAS2080:2023, an industry-leading and
globally applicable standard for managing carbon in the
built environment.
Speedy Hire Plc Annual Report and Accounts 2025
33
Corporate Information Financial Statements Strategic Report Governance
ESG REPORT CONTINUED
ACCELERATING INNOVATION
Strategy in action
X
TM
fence®
A key example is our adoption of
X
TM
fence®, a reusable fencing system that
demonstrates the potential of circular
products. These panels offer enhanced
safety, ease of use and significant
environmental benefits compared to
traditional alternatives. Over a 10-year
period, reuse reduces panel requirements
by 70%, leading to a 38% reduction in
embodied CO₂ emissions. Additionally,
their stackable design enables more
efficient transport, reducing lorry journeys
and cutting fuel emissions by 35%, as well
as being fully recyclable at the end of life.
These advantages also translate into cost
savings, strengthening the business case
for our clients.
Delivering progress against our eco
product roadmap
In FY2025, 53% of our itemised assets in our
core hire portfolio were eco versus our target
of 70% by 2027 compared to 51% in FY2024.
This contributed to 56% of core hire revenue
generated from eco products, compared to 55%
last year.
Born circular: going beyond carbon
Our approach to the sustainability innovation
of our assets has two focus areas. For fuel-
consuming assets, we focus on shifting these to
cleaner technology and cleaner fuels. For assets
that do not consume fuel, we look to circularise.
By investing in low-emission fuels, renewable
energy adoption and battery technology, we
have made significant progress in improving the
environmental footprint of our fuel-consuming
products. In FY2025, we have put focus on
improving the circularity of assets that do not
consume fuel.
Our approach to increasing the circularity of our
products is built on three key principles.
1. Circular product design as 80% of the
environmental impact is in design.
2. Repair, refurbish, retrofit and recycle to
extend a product’s lifetime.
3. Making hiring the norm through our trade and
retail partnerships.
Pioneering Circular Economy in the
Hire Industry
In FY2025, we engaged with the University
of Exeter’s Centre for Circular Economy to
examine how Speedy Hire has integrated circular
economy principles into its business model. The
study has shown that we have evolved from an
inherently circular rental model into one that has
strategically leveraged and expanded circularity
as a competitive advantage, demonstrating our
industry leadership in the transition to a more
circular business model through:
1. Strategic leadership and transformation.
2. Demonstrating how sustainability leads to
value creation.
3. Using data-driven decision making to
deliver sustainability goals and commercial
objectives.
4. Implementing circular economy principles
into asset lifecycles; and
5. Developing partnerships with suppliers to
bring circular solutions to market.
OUR ROADMAP TO 70% ECO PRODUCTS BY 2027
SOLAR BATTERY
ENGINE
EMISSIONS
H
HYDROGEN
£
£
CIRCULARITY
Solar lighting towers and generators Cordless power tools
Battery powered light equipment
Battery Storage Units and generators
('BSUs')
Sustainable (HVO D+) alternative
to diesel
Research into future synthetic fuels
Stage V engines (new and retrofit for
stage IIIA)
Hydrogen fuel cell potential for
powered access and generators
Supporting infrastructure,
manufacturing and distribution of
hydrogen supply
Circular product design
Retrofitting existing products
Repairing and refurbishing products
Recycling products
Making hire the norm
Speedy Hire Plc Annual Report and Accounts 2025
34
Racing ahead on recycling and
water reduction
In FY2025, we increased our recycling rate from
57% to 69% through better waste segregation,
waste audits, increased communications and
performance monitoring and company-wide
waste and recycling training.
We also partnered with Community Wood
Recycling, a social enterprise that collects
and reuses our waste wood in the most
environmentally beneficial way while creating
jobs and training for disadvantaged people.
Despite progress being made, due to the varying
sizes and locations of our depots, achieving an
85% recycling rate overall has been a challenge.
Therefore, new recycling targets have been
set according to depot size. For example, our
larger NSCs sites, which have the highest waste
volumes and space for waste segregation, have
the highest recycling rates.
Our zero waste-to-landfill target was slightly
missed in FY2025 at 99.9% due to one of our
waste brokers disposing of a small volume of
waste in landfill instead of sending it to energy
from waste due to the facility being unexpectedly
offline.
In FY2025 we continued the installation of water
automatic meter readers across our estate and
have commenced the measurement of our water
consumption to set a water reduction target in
FY2026.
Collaboration for setting
market standards
As a sustainability leader in the hire industry,
we recognise that collaboration with industry
associations, regulatory bodies and peers is
essential for creating standardised solutions.
Common standards will be critical for scaling
low-emissions technologies and fuels, as well
as infrastructure and cordless technology. They
are equally important in the adoption of digital
technologies that enable the transition to eco
products, providing comprehensive tracking
and reporting on product performance, location
and usage to enhance efficiency and customer
satisfaction.
We actively contribute to accelerating
decarbonisation in the construction sector by
sharing our sustainability expertise at key events
and discussions with customers, suppliers and
partners. Speedy Hire is proud to join leading
companies in committing to the ConstructZero
programme as part of the Department for
Business and Trade’s Construction Leadership
Council initiative. Speedy Hire’s commitment to
supporting the nine priorities which underpin
the programme aligns with the Government’s
overarching plan, clear policy direction and
commitment to deliver net zero.
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Decarbonising hire
As part of our Velocity strategy, we are committed
to driving growth through investment in cleaner
energy and efficient technology, enhancing
asset utilisation and improving carbon reduction.
We have recognised this business opportunity
through the development of our climate transition
plan, which will launch in FY2026 and will be
based upon the Transition Plan Taskforce’s
guidance. This seeks to maximise the chance
to create revenue through our lower carbon
solutions, data integrity and third-party verified
processes. Coupled with a leading proposition
in the management of our Scopes 1, 2 and 3
emissions by advancing our science-based
targets ('SBTs') and supporting our customers
through the investment in low-carbon and
circular technology. Through extensive financial
modelling of our eco roadmap and potential
demand from customers for low-emissions
technology, we have identified the rate at which
our portfolio could transition in line with customer
demand and our net zero targets. Understanding
this is a huge step for Speedy Hire, enabling us to
maximise our opportunity to utilise the increasing
demand for our services and strengthen our
market position. For more information on this
modelling, see our TCFD Statement on pages 43
to 52.
Our Head of Net Zero, supported by our fleet
and property directors, leads the delivery of our
climate solutions strategy. Meeting monthly,
they review carbon emissions data across
Scopes 1, 2 and 3 to assess our progress and
identify opportunities for further improvement.
Insights from these reviews, alongside extensive
modelling of activity-based GHG data, inform our
climate transition plan, shaping our approach in
line with our science-based targets. As carbon
reduction is a core priority, performance results
are reported monthly to the Executive Team and
to the Sustainability Committee of the Board
when it meets. In FY2025 we:
Reduced our Scope 1 and 2 emissions by
50%
versus our 2030 target of 51.6% through our
vehicle fleet and property decarbonisation
programmes.
Increased our Scope 3 emissions by
10.43%
versus our FY2020 baseline, due
to enhanced supply chain data
reporting and changes in reporting
methodologies.
For a detailed breakdown of our GHG emissions
performance, refer to our Corporate GHG
Emissions Report on pages 53 to 55.
Scope 1
The reduction of our Scope 1 emissions
predominantly depends on the decarbonisation
of our vehicle fleet plus the fuel used to power
them. As such we have a direct ambition to
increase the share of commercial electric
vehicles ('EVs') to 66% in existing diesel vans
and 15% of UK based existing HGVs by 2030.
Transitioning our fleet reduces the level of carbon
emissions produced and improves air quality
for local communities, employees and nature.
Transitioning to EVs is our long-term aim, but in
the short to medium term we are also utilising
low-emissions fuel alternatives such as HVO
D+ (Hydrotreated Vegetable Oil D+), a high-
performance, renewable diesel alternative made
from waste fats and oils. Whilst we transition our
commercial vehicle fleet to EVs and improve and
increase our EV infrastructure capacity we see
HVO D+ as a suitable bridging fuel to support
our emission reduction efforts. In total, we have
used over 1.1 million litres of HVO within our own
commercial vehicle fleet, up 12.2% from FY2024,
which has reduced our Scope 1 emissions by 939
tCO
2
e vs FY2024.
We exceeded our Net Zero gas target reaching
a 67% transition away from gas consumption
vs 30% by 2030 through replacement with
renewable electricity.
Scope 2
The property team is leading efforts to retrofit
existing depots whilst ensuring new locations
are designed for a low-carbon economy.
Our approach includes intelligent building
management systems, on-site energy generation
and efficient lighting, heating and cooling
systems. Ultimately, this will help reduce our
reliance on fossil fuels as well as reduce our
energy intensity, which will be crucial to balance
the impact of higher battery kit and EV vehicle
fleet charging within the depot network. Our
Birmingham Depot
ESG REPORT CONTINUED
CLIMATE SOLUTIONS
The EV Transition
In FY2025, we increased the number of
EVs in our commercial vehicle fleet to 311
electric vehicles, 225 electric vans and 9
HGV trucks, representing 22% of our total
commercial fleet as well as increasing
100% of our company cars to EVs/hybrids.
To further enhance the efficiency of our
fleet, we have installed solar panels on our
commercial EVs, this provides power for
ancillary equipment, extends vehicle range
and ensures that our own EVs can travel
greater distances with reduced emissions.
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Solar van
sites are all ISO 50001 accredited, with strict
improvement plans which are constantly
aligned, particularly for our Energy Savings and
Opportunities Scheme (‘ESOS’) compliance.
In FY2025, we made changes to our property
estate, reducing the number of depots from 147
to 135. We also opened 2 new sustainable centres
at Birmingham and Sellafield each featuring
energy management systems to optimise kilowatt
consumption, as well as solar photovoltaic
panels to generate clean energy. This reduction
in reliance on the energy grid can help shield
us from potential energy price volatility where
this is not hedged. In FY2025, 94% of our energy
consumption came from renewable sources,
which is in line with the previous year. At our
Glasgow site, the on-site photovoltaic cells
generated 104,186 kWh, representing 66% the
depots consumption demands.
With the expansion of our EV fleet, we have
prioritised the installation of EV charging points
for both staff and customers. A total of 195 car
charging sockets are available for employees and
customers, while in FY2025 we have installed
67 more commercial van charging sockets. This
infrastructure not only supports the electrification
of the construction sector but also enables our
customers to charge their vehicles whilst on site.
While we recognise that the increased reliance on
electricity from our EVs vehicles and eco kit will
impact our overall consumption, we are working
to minimise grid strain through our advanced
building energy management systems and focus
on sustainable innovation for all new and existing
depots, ensuring a balanced and sustainable
transition.
Scope 3
Scope 3 emissions reduction remains a priority
for Speedy Hire, as they account for 96% of our
total GHG footprint. Tackling this is business
critical, as failing to do so presents the significant
climate-related risk of not meeting our science-
based targets as well as becoming uncompetitive
in tenders and bid processes.
This financial year marks an important step
forward in the decarbonisation of our Scope
3 emissions. In FY2025, we delivered our first
in-house Scope 3 model, in collaboration with
multiple stakeholders within the business,
allowing us to take control of the data we collect
and report. We transitioned from spend-based
emissions data to a hybrid methodology in line
with our ISO 14064-1 methodology, providing
more reliable, accurate and decision-actionable
data. This process was supported by the
development of our new, bespoke Scope 3
calculator tool, which will assist us on our journey
towards full activity-based data methodology.
In FY2025 we have reduced our scope 3
emissions in most categories (versus our FY2020
baseline), which we have had direct control over
such as:
h A reduction across supply chain emissions
including a 52.2% emission reduction in
purchased goods and services and a 42.1%
emission reduction in capital goods through
focused supplier engagement programmes
on Net Zero.
h An overall reduction in both upstream
transportation and distribution (74.6%) and
downstream transportation and distribution
(74.1%) emissions as we continue to utilise
our own fleet in logistics and reduce spend
with external third-party hauliers.
h A 61.1% reduction in emissions associated
with business travel as we continue
to promote hybrid working and tele-
conferencing technologies as part of our
sustainable travel policy.
But as we advance our Scope 3 journey, our
emissions have increased across two keys areas:
h Downstream leased assets emissions have
increased by 45.7% due to moving from
spend to activity-based data, overall revenue
growth and continued customer demand for
non-eco products.
h Use of sold products emissions has increased
by 31.6% as fuel sales have increased overall
since FY2020. However, as customers focus
on their carbon reduction goals an additional
1.3 million litres of HVO D+ was sold in
FY2025 compared to FY2024 representing
a 11.8% reduction in emissions. Customers
are initially focusing their reduction efforts
through switching to sustainable fuels.
We will continue to collaborate with our
customers to help them reduce their emissions
through our eco kit, sustainable fuels and
PAS2080 carbon management system.
Net zero hire
In FY2025, we achieved PAS 2080:2023, an
industry-leading and globally applicable standard
for managing carbon in the built environment. We
are seeing an increasing number of asset owners
and customers requiring suppliers to deliver
PAS 2080-compliant management systems in
the coming years to win tenders and contracts.
Our adoption of this standard demonstrates our
accountability in managing and reducing our
whole-life carbon emissions for our products and
help us remain attractive to as large a market
as possible, including those at the forefront of
sustainable construction.
As part of our PAS2080 system we also launched
the industry’s first Diesel-Free Matrix, designed
to support the industry’s net zero goals. This is an
essential component of Speedy Hire’s customer
carbon management strategy. It is designed to
govern hire contracts at a project level, enabling
our customers to avoid, switch and improve
operations as they move away from reliance
on diesel. The implementation of PAS2080,
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ESG REPORT CONTINUED
CLIMATE SOLUTIONS
provision of validated data and governance tools
significantly contributes to the mitigation of our
scope 3 hotspots such as downstream leased
assets and use of sold products. As we transition
customers to decarbonising products such as
cordless technology or transitional fuels, we will
reduce our Scope 3 emissions and our overall
carbon footprint.
Demonstrating to our customers the benefits
of our eco products through data is critical
for decarbonisation. With our new carbon
management system, we launched the industry’s
most comprehensive Carbon Reporting Tool.
This was created in direct response to increasing
demand from major infrastructure clients and
industry bodies, including the Construction
Leadership Council, for transparent and
performance-based carbon data. The tool
allows customers to baseline, measure and
reduce their greenhouse gas emissions in line
with their decarbonisation goals. Supported by
performance data from thousands of products,
it enables more informed decision making on
lower carbon equipment and services. Together
with our carbon intelligence services, the tool
supports mandatory reporting, strengthens our
customers’ sustainability strategies, and creates
opportunities to grow demand for low-carbon
solutions within our portfolio.
For more information on our Diesel-Free Matrix,
PAS 2080 and our carbon reporting tool, see our
website.
Supporting our suppliers on their journey
to net zero hire
Helping our suppliers decarbonise is critical to
delivering Net Zero Hire, reducing our scope 3
and responding to growing customer demand
for low-carbon solutions. In FY2025 we launched
a Net Zero Supplier Engagement Programme,
which revealed varying levels of readiness and
maturity across our supply chain, underscoring
the need for targeted support.
In response, we hosted a virtual Supplier
Sustainability Event attended by over 150
suppliers. The session focused on improving
our suppliers understanding of greenhouse
gas emissions, activity-based product data and
emerging customer expectations, giving suppliers
the tools to improve both performance and
product competitiveness. This engagement has
led to stronger supplier relationships and better
quality, validated carbon data across our portfolio.
By feeding this data into our Carbon Reporting
Tool, we are enhancing transparency, enabling
informed customer decision making, increasing
the visibility and demonstrating commercial
viability of lower carbon products. The insights
from previous works have contributed to our Low-
Carbon Procurement Plan and upcoming Supplier
Net Zero Certification Scheme to be launched
in FY2026. Both will equip suppliers with the
necessary tools and knowledge to deliver the Net
Zero transition. Furthermore, these mitigation
measures play a vital role in reducing our scope 3
emissions, as suppliers seek to decarbonise their
own products and services we procure.
Nature positive
We know construction can have a big impact
on nature. From emissions and waste to land
use and habitat loss, our sector touches the
environment in more ways than one. That’s why
both Speedy Hire and our customers have a
role to play in reducing harm and helping nature
recover. As part of our commitment to a smarter,
more sustainable way to work, we’ve carried out a
structured assessment using the LEAP approach
to better understand how our activities interact
with nature. This helped us pinpoint key impact
areas: air pollution from transport and dust, land
and water contamination from waste, and the
disruption of natural habitats.
In line with our Nature Positive 2030 ambition
and our Social Value strategy, we are also taking
action at a project level. In FY2025, this included
our continued work with customers to support
the peatland restoration in the North Pennines
National Landscape, an initiative that contributes
to wider ecological recovery and carbon
sequestration.
Advancing on Nature
Positive by 2030
To align with the Taskforce on Nature-
related Financial Disclosures ('TNFD'),
we also mapped our operational footprint
against sensitive ecological sites. This
identified 24 depots located near areas
such as Sites of Special Scientific Interest
('SSSIs'), Special Protection Areas ('SPAs'),
Wetlands of International Importance
(RAMSAR sites) and ancient woodland
– these critical insights will help us
understand risks, reduce harm and support
restoration. Building on this foundation,
we are now publicly reporting through
CDP’s biodiversity questionnaire and will
publish our first TNFD-aligned disclosure
in FY2026. These steps reflect our
ongoing commitment to transparency and
environmental stewardship.
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38
ESG REPORT CONTINUED
INCLUDING EVERYONE
BUILDING THE WORKFORCE OF THE FUTURE
We are committed to building a culture where everyone
feels valued, included, and equipped for a low-carbon
and sustainable future. Our People First strategy
underpins this approach, creating the conditions
for our people to thrive in a culture of inclusivity
and growth. Aligned with our Decade to Deliver
commitments, we focus on three key areas: promoting
diversity, equity, and inclusion ('DEI'), improving
well-being, and expanding learning opportunities.
Diversity, equity and inclusion
Promoting DEI allows fresh perspectives,
innovation and creativity to thrive in our
workforce. In FY2025, we developed our Diversity,
Equity and Inclusion colleague commitment, Part
of the Family, which will guide our approach to
representation and inclusivity whilst ensuring that
all colleagues feel heard and supported.
This commitment is driven by our People Like
Us ('PLUS') Committee, which oversees the
delivery of our strategic DEI approach for the
business. The members act as the overarching
support for our Affinity Groups. Each group plays
a crucial role in shaping policies and initiatives
that improve workplace inclusivity for a variety
of protected characteristics as well as overall
employee wellbeing.
Driving gender equality in the
construction sector
A key outcome from our Gender Affinity Group,
one of the longest-standing employee resource
groups at Speedy Hire, was the improvement
of our score against the UN’s Women’s
Empowerment Principles ('WEPs') Gender Gap
Analysis Tool. This diagnostic self-assessment
helps us to understand how well we are
performing on gender equality across the seven
WEP principles.
We initially conducted this assessment in
September 2023, receiving a preliminary score of
17% – Beginner. By February 2025, our score had
increased to 65% – Achiever. Key improvements
were seen in leadership commitment,
recruitment, professional development, equal
pay, parental support and workplace safety,
with initiatives moving from ad-hoc or absent
practices to formal policies, measurable internal
targets and increased Board-level oversight. We
will continue to work on improving our WEPs
score and are proud of the work achieved this
year. For FY2026, we will formally launch our Part
of the Family colleague commitment, promoting
leadership accountability through Executive Team
sponsorship across all five Affinity Groups, with
key strategic actions targeting change on DEI
across Speedy Hire.
Shaping the female leaders
of tomorrow
Part of our ambition to reach 30% of women
in the workforce by 2030 is to increase
female representation in leadership.
Through our Women in Leadership
development programme, we are equipping
future leaders with the skills, mindset and
strategies needed to advance their careers.
These programmes offer development
pathways for multiple levels of the business,
supporting female colleagues in progressing
into management and senior roles. We
showcased Women in Leadership during
National Apprenticeship Week 2025, sharing
success stories and career pathways to
inspire future female leaders. For more
information, see our website.
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Training and development
A business is only as strong as its people,
and investing in skills, career progression
and leadership development is central to our
vision. We are exceeding our target of 5% of the
workforce in earn-and-learn positions by FY2026,
having already reached 5.8% in FY2025 providing
a total of 78,564 training hours. We attribute
this to an adjustment in our strategy, expanding
earn-and-learn positions beyond apprenticeships
and graduate training schemes to include the
development of our existing colleagues and
providing structured leadership development with
a clear focus on ensuring these opportunities are
accessible to diverse talent pools.
One of the ways we have achieved this is through
the development of our Leadership Pathway.
This takes a structured, tiered approach to
career progression, with Aspire (entry-level),
Propel (mid-level) and Impact (senior managers)
programmes. Developed in partnership with
Corndel and Imperial College London, this
13-month initiative combines practical work-
based learning, one-to-one coaching and online
content, at the end of which the participants
obtain a qualification from the Chartered
Management Institute ('CMI').
Increasing the capacity for green skills
As part of our Decade to Deliver targets,
we committed to training all employees in
sustainability. In FY2025, as part of our ‘Building
Sustainability Confidence’ programme, we:
h Rolled out employee-wide sustainability
e-learning.
h Delivered the second cohort of our ESG
business partner training.
h Launched a 1-day IEMA-accredited
sustainability training.
h Delivered a PLC and executive team
sustainability training.
We also rolled out additional modules for key
stakeholders covering core ESG topics and their
relevance to business strategy and commercial
opportunity. These included:
h Climate, carbon and net zero training.
h Waste and circular economy.
h Social value and community engagement
By equipping our people with the skills and
knowledge needed for a low-carbon and
sustainable economy, we are supporting their
career development whilst preparing Speedy Hire
to lead in a more sustainable future.
Wellbeing
To boost our overall engagement score and
achieve our target, we want to create a thriving
workforce where everyone feels supported,
valued and empowered to succeed. We have
a dedicated, free-to-use employee assistance
programme set up with access for all colleagues
through PAM Wellness, this features online CBT,
mindfulness for mental health, a virtual gym, and
sleep and nutrition advice.
We continuously measure wellbeing through
surveys to get a pulse check on our colleagues'
welfare and understand where we can improve.
Our People First annual survey reported an
engagement score of 74%, unchanged from
last year, with 82% of participants feeling
motivated to perform at their best, exceeding
industry benchmarks. To understand how we
are working to improve wellbeing, we also
record a workplace happiness measure. Our
wellbeing score increased in FY2025 to 64%,
with 71% of employees expressing a strong sense
of happiness at work. We attribute this to the
significant work done since FY2024 to improve
work-life balance, through our introduction
of flexible working and increasing leadership
visibility via our Visible Leadership Days.
Building a workplace that works
for everyone
Our Speedy Hire work-life balance initiative
is designed to ensure that employees have
greater control over their working lives. Rolled
out to 85% of the workforce, this initiative
supports colleagues with childcare and caring
responsibilities while also improving work-life
balance and mental wellbeing. In addition, we are
reinforcing our colleagues' safety and inclusion
through initiatives such as the Zero Tolerance
campaign for customer-facing colleagues.
This provides explicit protections against
mistreatment or abuse. We believe that these
policies demonstrate our commitment to
putting people first, and we hope that this will
help improve colleague retention and drive
productivity by actively working to reduce
burnout amongst the workforce.
ESG REPORT CONTINUED
INCLUDING EVERYONE
Recognised by
Inspiring Workplaces as a
Top 50
UK place to work
Speedy Hire Plc Annual Report and Accounts 2025
40
ESG REPORT CONTINUED
PART OF THE COMMUNITY
Making a meaningful difference to
our communities
With 3,301 colleagues working across the UK and
Ireland, Speedy Hire is committed to making a
difference in the communities where we live and
work by providing active support and ensuring
that our presence brings positive and lasting
benefits. We strive to strengthen communities
by addressing local needs, whether through
job creation, skills development, charitable
partnerships or environmental initiatives. Our
approach is rooted in collaboration – working
closely with community groups, charities and
stakeholders to provide meaningful support that
enhances local resilience and opportunity. From
supporting grassroots projects to tackling social
inequalities, we are committed to leaving a lasting
legacy of social, economic and environmental
benefits in the communities we serve.
Making a meaningful difference in our
communities is not just part of our Decade to
Deliver strategy; it also plays a key role in our
Company-wide Velocity strategy. The strong
foundations of our sustainable, customer-focused
approach and People First philosophy help retain
and attract talented colleagues and foster the
next generation of talent. By taking a strategic
approach, we can align our impact with the
ambitions of our partners, strengthening the
commercial value of our bids and tenders and
maximising impact through collaboration.
New social value strategy
and governance
In FY2025, we developed a dedicated Social
Value strategy. We recognised that robust
strategic plans and governance were needed
to truly embed a community impact spirit in
our business and deliver on our customer
requirements and commitments. This strategy
will be rolled out in FY2026 with the intention of
increasing the social value we generate year-on-
year. It will be vital to our success as it will help
us win work, attract and retain talent, and make a
positive impact on communities and society
as a whole.
Our Communities Committee brings together
colleagues from across the business to ensure
that our charitable and community support and
funding is well directed in a way that maximises
its impact. From FY2026, the Committee will
be chaired by our new Social Impact and
Communities Manager. This structure will
strengthen how we deliver against our Part of the
Community commitment and embed social value
into decision making across the business.
Calculating social value
At Speedy Hire, measuring social value is
essential to understanding our impact, ensuring
transparency and continuously working on
opportunities for improvement. We utilise Thrive
('IES'), a social value measurement platform,
directly aligned to Government guidance, which
allows us to capture both the quantitative and
the qualitative aspects of our social impact.
Measuring social value effectively requires
not only tracking metrics but also capturing
the stories and case studies that illustrate the
meaningful outcomes of our work.
PART OF THE COMMUNITY BY NUMBERS
1,300 miles
covered by the Speedy Hire family through
walking and running activities to fight
modern slavery with Right for Freedom
raising over £1,300
140 total days
volunteered
£168,456k
total donations
60
Speedy Hire vans have been installed with
life-saving defibrillators
£29.5k
in kind support providing equipment hire
8,000
construction workers supported as part of
the Make it Visible Campaign in partnership
with The Lighthouse Charity
£56.6m
our social value this year
Speedy Hire Plc Annual Report and Accounts 2025
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ESG REPORT CONTINUED
PART OF THE COMMUNITY
In FY2025 we created £56.6 millions of social value
up from £29 million in FY2024. Of the £56.6 million
of social value generated £46 million was
generated through supporting SMEs and VCSEs.
Giving back to the community
We work closely with our customers and
communities to ensure social value is embedded
across everything we do. Through collaboration
on local initiatives, financial and in-kind support,
and colleague volunteering, we aim to deliver
lasting impact whilst adding measurable value to
every project.
Each colleague receives one paid volunteering
day per year, which can be used to support
customer-led initiatives, take part in internally
promoted volunteering opportunities, or
contribute to causes that matter personally. Our
ambition is for every Speedy Hire colleague to
make use of this opportunity to support their
wellbeing and help strengthen local communities.
We dedicate a minimum of 1% of our annual
profit to our Community Budget, which supports
charities and local projects through donations,
sponsorships and match funding. Additionally, we
offer equipment hire, either free of charge or at
discounted rates, to support our charity partners
and communities. Our Communities Committee
oversees all support initiatives, ensuring we
effectively aid both grassroots causes and
major community programmes with customers
and partners.
This year, we are immensely proud of our work to
support our charity partners and communities,
contributing £168,456 in donations and
supporting fundraising. This monumental effort
supported a total of 81 charities, including the:
h British Heart Foundation
h WellChild Helping Hands Project
h The Great Northwest Truck Show
h 24 Sports Kits for 2024
This year, our colleagues completed 140 days
of skilled and unskilled volunteering, a slight
increase from FY2024. To encourage greater
participation, we are launching a company-
wide volunteering campaign in FY2026. The
campaign will highlight how volunteering
strengthens relationships with our customers
and communities, reinforcing our role as a
trusted partner whilst embedding a culture
of giving back.
Inspiring the next generation of the
construction industry
As part of our mission to inspire young people
and develop future talent, we continued our
partnership with The Scouts Association, the
world’s largest youth movement, to encourage
hands-on learning, technical skills and career
pathways into STEM roles, construction and
hire. Through this partnership, we developed
and launched a DIY Badge for the Scouts,
empowering young people to gain practical skills
in DIY while inspiring them to envision various
careers and the impact they can have in the
future of engineering and sustainability.
We also invited a group of young Scouts to our
National Innovation Centre, where they learned
about sustainability and safety through fun,
hands-on activities. Our partnership with the
Scouts aligns with our strategic objective of
inspiring future talent, fostering a passion for
engineering, technical skills and construction, and
helping create the workforce of the future.
Collaboration with clients to deliver
social value
We cannot achieve social value alone, it works
best through cross-sector collaboration, when
businesses, charities and communities come
together. By working with our suppliers, customers
and partners in the construction and infrastructure
sector, we support social mobility and change,
support decarbonisation, and improve health,
wellbeing and employability.
For some of our customers, particularly our public
contracts, social value is a mandatory criterion.
The PPN02 Social Value Model is a framework
introduced by the UK’s Cabinet Office to incorporate
social value into public procurement processes.
This framework carries a minimum weighting of
10% in the scoring of procurement evaluations,
meaning that a strategic approach to social value
outcomes for these contracts could help us win
more work. We encourage all our partners to join
our social value journey. Social value is discussed
with new customers during the contract phase,
with the aim to agree on shared social value targets
and opportunities to collaborate on projects that
drive social value in our shared communities. This
approach not only supports our partners in joining
our journey but also helps them find opportunities
to create further positive impact, strengthening our
business relationships through a shared benefit.
Boosting local business
We are committed to supporting local
communities through sustained investment in
micro, small, and medium-sized enterprises
to ensure we’re helping strengthen local
economies and fostering growth where it
matters the most. As a customer, we seek to
support local businesses and are proud that
circa three quarters of our supply chain spend
at 77% comprises micro-, small- and medium-
sized enterprises demonstrating our continued
investment in SMEs and VCSEs.
We have also supported our supply chain on their
sustainability journey through providing training
in Net Zero and modern slavery and human rights
in collaboration with industry experts such as
Planet Mark and the SCSS.
Peatlands restoration in
the Pennines
In partnership with our customer Sisk
Group, we helped to restore the ecologically
important and protected landscape of the
North Pennines. We provided £5,000 from
our Community Budget and, over two days
of volunteering, 9 Speedy Hire volunteers
planted 10,000 cotton grass plants to help
restore England’s largest and most drained
bog. This effort will help restore a healthy
peatland that retains and sequesters carbon
by keeping it in the ground and preventing
it from being released into the atmosphere
whilst increasing biodiversity.
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ESG REPORT CONTINUED
TASKFORCE ON CLIMATE-RELATED FINANCIALS DISCLOSURE (‘TCFD’)
INTRODUCTION
This disclosure details Speedy Hire’s response to the
Task Force on Climate-related Financial Disclosures (‘TCFD’)
Recommendations and Recommended Disclosures and
TCFD Annex in accordance with Listing Rule LR 9.8.6 (8)
for UK premium-listed companies.
We consider this report to be consistent with the
recommendations of TCFD and the following
sections correspond to this framework. The
sections below describe how climate change
is incorporated into corporate governance
processes, its potential impact on our strategy
and financial planning, its treatment in our risk
management procedures and our climate-related
metrics and targets. We also integrate climate-
related disclosures throughout this Annual
Report and Accounts, including throughout our
ESG Report and a detailed breakdown of our
emissions found on pages 54 to 55.
In FY2025, we continued to advance our
understanding and management of climate-
related risks and opportunities. We reviewed and
updated the assessment of climate-related risks
and opportunities based on the latest climate
science, market developments and advances
in our management approach. We also further
developed our quantitative models for assessing
the potential financial effect of key climate-related
risks and opportunities.
Based on the outcomes of the climate scenario
analysis and our existing mitigation measures, we
deem our business to be resilient to the climate-
related risks assessed over the short, medium
and long term, with significant risks relating to
timely availability of low-carbon technologies,
high-carbon assets becoming stranded, and
availability and price of low-emission fuel
alternatives.
The outcomes and implications of this work are
described in detail in the Strategy section of
this TCFD statement and are integrated in the
updated overview of material climate-related risks
and opportunities.
GOVERNANCE
Board-level oversight
The Board has executive oversight of all
climate-related issues at Speedy Hire, including
the management of risks and opportunities
and associated metrics and targets. The
responsibilities of the Board on climate-related
issues are executed through the relevant
Committees. The responsibilities of these
Committees in relation to the management
of climate-related risks and opportunities are
described in the ESG Governance section of this
Annual Report on page 31.
The Board approves the annual budget for
capital expenditure, including expenditure for
the management of climate-related risks and
opportunities and acquisitions and divestments,
which must align with the ESG strategy. Our
Investment Committee reviews spending
proposals against our Eco Product Roadmap
to ensure that they align with expected market
demand and our science-based targets.
Management-level oversight
The Executive Team is responsible for the day-to-
day management of all climate-related risks and
opportunities. It meets monthly and also receives
direct updates by Executive Directors on material
issues.
The Executive Team reports or escalates climate-
related matters to the Sustainability Committee
through the Chief Executive, in accordance with
governance and policy set by the Sustainability
Committee.
The ESG Director reports to the Chief Executive,
is a member of the Executive Team, chairs the
ESG Committee, and attends the Sustainability
Committee linking the relevant committees and
the Executive Team.
The ESG Committee is responsible for the
execution of the ESG agenda, including climate
strategy and performance. It meets monthly to
discuss progress on ESG initiatives and includes
key stakeholders across HR, Operations, Digital,
Supply Chain, Legal, Finance and Risk. Other
stakeholders join as guests to contribute their
expertise to specific topics on the agenda.
Climate-related responsibilities are delegated to
the business functions and operations through
quarterly business function sustainability reviews.
These focus on developing and executing action
plans linked to the targets in the Decade to
Deliver. 28 business partners coordinate and
monitor the implementation of ESG measures in
our business functions, including those related
to climate-related risks and opportunities.
Through upskilling initiatives throughout the
year, we ensure that our people have the relevant
knowledge and skills.
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TASKFORCE ON CLIMATE-RELATED FINANCIALS DISCLOSURE (‘TCFD’)
STRATEGY
Scenario analysis and risk assessment
We have been using climate scenario analysis to help us understand the resiliency of our business
against different potential outcomes from both a climate and societal perspective since FY2023, when
we conducted our first scenario analysis.
In FY2025, we updated the original scenario analysis to reflect changes in our markets and in society,
as well as progress in climate science. We assessed how the previously identified climate-related risks
and opportunities had evolved considering updated science and information, using the 2024 versions
of three NGFS scenarios: Current Policies ('CP'), Delayed Transition ('DT') and Net Zero 2050 ('NZ'). We
gathered additional insights about the potential impacts of climate change on our business by analysing
corresponding scenarios with similar warming projections or transition ambitions within the IPCC’s
Sixth Assessment Report (AR6) (2023) and the IEA’s World Energy Outlook ('WEO'). The WEO provides
insight into the increasing availability of renewable energy and the electrification of transport, which
may impact the pace at which we can shift our vehicle fleet to low-emissions energy. From the IPCC’s
AR6, we identified the potential physical impacts of different warming scenarios and how this could
influence our risk exposure to extreme weather events.
We used four-time horizons for assessing climate-related risks and opportunities. These are aligned to
the Paris Agreement’s (2015) goal for net zero emissions by 2050 and our SBTi-validated net zero target:
short term (ST, 2025), medium-term (MT, 2026-2027), long-term (LT, 2028-2032) and very long-term
(VLT, 2033-2050).
Based on these new insights, as well as a review of latest management controls and mitigation
measures, we updated the scores for our identified risks and opportunities during our annual risk re-
evaluation process. For the purposes of this disclosure, we have disclosed all risks scoring as ‘High’ in
either the short, medium or long term.
Figure 1: Overview of risk assessment results based on 2024 NGFS scenarios,
IPCC Sixth Assessment Report and IEA World Energy Outlook.
Material climate-related risks
Risk title Scenario
ST
(2025)
MT
(2026-2027)
LT
(2027-2032)
VLT
(2032-2050)
Climate technology not
keeping up with demand.
Net Zero 2050 Medium Medium Medium Low
Delayed Transition Medium Medium High Medium
Current Policies Medium Medium High Medium
Carbon-intensive assets may
become obsolete.
Net Zero 2050 Low Medium High High
Delayed Transition Low Low High High
Current Policies Low Low Low Low
Increasingly limited supply
of fossil fuel may lead to
greater instability in fuel
prices.
Net Zero 2050 Medium High High Medium
Delayed Transition Medium Medium High High
Current Policies Medium Medium Medium Medium
Increasing energy prices will
increase direct costs.
Net Zero 2050 Low High High Medium
Delayed Transition Low Medium Medium High
Current Policies Low Medium Medium Medium
Speedy may not stay on
track to meet its Science-
Based Target (‘SBT’).
Net Zero 2050 Low Low High Medium
Delayed Transition Low Medium Medium High
Current Policies Low Low Low Medium
Speedy’s provision of low-
emission fuel alternatives
may be insufficient to meet
customer demand.
Net Zero 2050 Low Medium High High
Delayed Transition Low Medium High High
Current Policies Low Medium Medium Medium
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Climate-related opportunities
Risk title Scenario
ST
(2025)
MT
(2026-2027)
LT
(2027-2032)
VLT
(2032-2050)
Customer demand for low-
emissions equipment and
services will rise as
the economy transitions to
net zero.
Net Zero 2050 Medium High High High
Delayed Transition Medium Medium High High
Current Policies Medium Medium Medium Medium
Investment in low-emissions
product technology
will support Speedy’s
climate targets.
Net Zero 2050 Medium Medium High High
Delayed Transition Medium Medium Medium High
Current Policies Medium Medium Medium High
Achieving its Science-Based
Target could allow Speedy to
become a climate leader.
Net Zero 2050 Medium Medium Medium Medium
Delayed Transition High High Medium Medium
Current Policies High High High Medium
Further climate-related opportunities
Not meeting compliance
requirements of advancing
climate regulation.
Net Zero 2050 Low Medium High High
Delayed Transition Low Low Medium High
Current Policies Low Low Low Low
Challenges in obtaining
scope 3 GHG emissions
data.
Net Zero 2050 Medium Medium Low Low
Delayed Transition Low Low Medium Medium
Current Policies Low Low Low Low
Insufficient EV infrastructure
development might inhibit
Speedy’s transition success.
Net Zero 2050 Medium Medium Low Low
Delayed Transition Medium Medium Low Low
Current Policies Medium Medium Medium Medium
Business operations and
human capital may be
significantly affected by
the increasing frequency
and severity of extreme
weather events.
Net Zero 2050 Low Medium Medium Medium
Delayed Transition Low Medium Medium Medium
Current Policies Low Medium Medium High
Storms and extreme wind
speeds may cause physical
damage to Speedy’s sites
and assets.
Net Zero 2050 Low Medium Medium Medium
Delayed Transition Low Medium Medium Medium
Current Policies Low Medium Medium High
The updated assessment confirmed that six material climate-related risks and three material climate-
related opportunities that we identified in FY2023 remain material to our business. The remaining
risks assessed, classified as further risks, were deemed not currently material to our business model
and strategy as effective management controls are in place to mitigate these risks. The quantification
of risk and opportunity have been classified to be material or immaterial when compared to group
performance. Within our approach, we classify any risks <£100,000 as immaterial to Speedy but
have included them within this assessment as they may emerge to be material in the future. Further
investigation and subsequent mitigation on these immaterial risks will be detailed in further TCFD
statements. Any material risk classified as >£100,000, Speedy Hire delivers robust mitigation through
management intervention and delivery of the Decade to Deliver strategy. The analysis resulted in four
significant changes in the ratings of risks and opportunities between FY2024 vs FY2025:
1. The risk related to increasing limited supply of fossil fuel and increasing electricity prices were rated
as ‘high’ in the medium and long term (NZ and DT scenarios), where they were previously rated
medium on these time horizons. This reflects the compressed timeframe in which the transition
needs to take place as well as geopolitical uncertainty, which may lead to energy price volatility.
2. The risks related to climate technology not keeping up with demand, carbon-intensive assets
becoming obsolete and our provision of low-emission fuel alternatives being insufficient to meet
customer demand were reevaluated, becoming high only in the long term (NZ and DT scenarios)
rather than in the medium term. This reflects the slower-than-expected pace of the transition to net
zero in society in recent years.
3. The rating of the risk related to challenges in obtaining scope 3 greenhouse gas emissions data
was reduced to medium / low, because of the progress we have made in obtaining activity-based
emissions data from suppliers and supporting their transition to net zero.
4. The rating of the opportunity of Speedy Hire becoming a climate leader through the achievement
of its SBT was revised to ‘high’ in the short term (NZ scenario) and short and medium term (NZ
and CP scenarios). The reassessment reflects the potential for Speedy Hire to gain an early-mover
advantage by adopting low-emissions technologies in the ST and MT. However, post-2030, greater
societal expectations and increased competition diminish the long-term opportunity for market
differentiation. Speedy Hire is already classed as a European Climate Leader 2025 by the Financial
Times and rated A- by CDP.
In the overview below we have disclosed the material climate-related risks and opportunities in detail.
We have specified the financial impact for the scenarios and time horizons rated as ’high’ for the short
term, medium term and long term. We have excluded financial quantification of the potential financial
effects for the very long term, because of the large uncertainty range associated with forecasting over
long time periods.
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TASKFORCE ON CLIMATE-RELATED FINANCIALS DISCLOSURE (‘TCFD’)
Overview of material climate-related risks and opportunities, their potential financial impact and our management response
Risk
CLIMATE TECHNOLOGY NOT KEEPING UP
WITH DEMAND
Description
This could lead to
reliance on untested
new technologies and
increased costs which
customers may be
unwilling to pay.
Impacts
h Reduced revenue due to lower
demand
h Adjusted capital expenditure,
including new investment in
technologies
Scenario
NZ DT
Time Horizon
MT LT MT LT
Estimated annual financial impact (£)
0m – 0.1m 0m – 0.6m 0m – 0.6m 0m – 0.3m
Management resiliency response
Our Investment Committee leads our strategy for shifting our product
portfolio to eco products, guided by our eco product roadmap.
Through our PAS2080:2023 Carbon Management System and
Decade to Deliver customer proposition, we actively engage with
customers to assess their demand for low-carbon alternatives,
assessing financial and carbon-related costs and benefits over the
full life cycle.
We continue to work closely with suppliers to bring new
technologies to market to anticipate our customer demands. Based
on changes in technology availability and customer requests, we
adjust our investment and procurement strategies to ensure that its
product portfolio stays in line with market demand.
Risk
CARBON-INTENSIVE ASSETS MAY BECOME
OBSOLETE
Description
This could impact
margins if these assets
become stranded and
impose more cost for
disposal.
Impacts
h Foregone revenue due to lower
demand or contract volume
h More investment in new technologies
h Investment in new fleet and less
energy-intensive equipment
h Ongoing operational costs of
stranded assets and carbon price
costs
Scenario
NZ DT
Time Horizon
MT LT MT LT
Estimated annual financial impact (£)
0m – 0.9m 0m – 0.5m 0m – 0.5m 0m – 0.3m
Management resiliency response
We are strategically replacing carbon-intensive assets by low-
emissions alternatives, in line with our net zero commitments.
In line with our strategic focus on circularity, we invest in repair,
refurbishment, and retrofitting to extend the useable economic life
of our assets ('UEL'). If we see the potential of assets becoming
obsolete, we auction assets with below-target utilisation to recover
the rest value and prevent asset stranding.
We recognise that in selling carbon intensive assets before their
useful economic life may have detrimental impacts on our scope
3 use of Sold Products. Speedy Hire will continue to mitigate this
impact with decarbonisation in other categories.
Risk
INCREASINGLY LIMITED SUPPLY OF
FOSSIL FUEL MAY LEAD TO GREATER
INSTABILITY IN FUEL PRICES
Description
Increasingly limited
supply of fossil fuel may
lead to greater instability
in fuel prices and impact
our operating costs.
Impacts
h Reduced revenue if operating costs
are passed on to customers
h Increased CAPEX in replacing fossil-
fuel using vehicles and refurbishing
and/or replacing assets
h Increased OPEX for monitoring
market and technology trends and
buying alternative fuels
Scenario
NZ DT
Time Horizon
MT LT MT LT
Estimated annual financial impact (£)
1.0m – 1.1m 1.1m – 1.4m 1.0m – 1.1m 1.1m – 1.7m
Management resiliency response
We hedge fuel rates for diesel and HVO to minimise supply risks
and impacts of price volatility on our business.
Through investment in low-carbon technologies and sustainable
fuels, alongside the phased divestment of carbon-intensive
products, we reduce our exposure to fossil fuel price risks.
We are transitioning our fleet to low-emission alternatives,
investing in electric and hybrid company cars and electric light
commercial vehicles.
In FY2025, we increased the number of EVs in our fleet to
311 electric vehicles, 225 electric vans and 9 HGV trucks,
representing 21% of our total commercial fleet.
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46
Risk
INCREASING ELECTRICITY PRICES WILL
INCREASE DIRECT COSTS
Description
Increasing electricity
costs will increase
property energy
costs and the cost of
recharging a growing
fleet of electric vehicles
and assets.
Impacts
h Reduced revenue if operating costs
are passed on to customers
h Increased CAPEX into renewable
energy and energy reduction
technologies
h Increased OPEX on electricity
Scenario
NZ DT
Time Horizon
MT LT MT LT
Estimated annual financial impact (£)
0.3m – 0.4m 0.4m – 0.5m 0.3m – 0.4m 0.4m – 0.7m
Management resiliency response
We manage electricity price volatility through long-term hedging and
Power Purchase Agreements (PPAs) to reduce grid reliance.
In FY2025, we have started consolidating our property estate in key
locations, reducing the number of depots from 147 to 135, per our
Velocity strategy. By concentrating our operations in fewer, more
sustainable buildings, we improve operational efficiency and reduce
energy consumption and emission.
We also opened three new sustainable centres, each featuring
energy management systems to optimise kilowatt consumption, as
well as solar photovoltaic panels to generate clean energy.
Risk
SPEEDY MAY NOT STAY ON TRACK TO MEET
ITS SCIENCE-BASED TARGET (‘SBT’)
Description
This could lead
to reputational
repercussions with
stakeholders, such as
customers, investors and
partners.
Impacts
h Loss of revenue if customers
terminate contracts or choose SBT-
aligned providers
h CAPEX investment in new reduction
initiatives including new technologies
h Increased OPEX expenditure to track
and monitor performance of climate
goals
Scenario
NZ
Time Horizon
LT
Estimated annual financial impact (£)
Not modelled due to measurement uncertainty, would not
constitute meaningful disclosure
Management resiliency response
We continue to implement our net zero roadmap, using quarterly
business function sustainability reviews to ensure that our business
functions operate in line with our net zero trajectory.
We are making progress to achieve our target for 70% eco products
in our core hire portfolio by 2027, which will allow us to meet market
demand as well as our science-based target.
Through engagement with suppliers to collect activity-based emissions
data and collaborate on emissions reduction measures, we are putting
in place mitigation to support our Scope 3 emissions targets.
In FY2025, we have continued regular ESG horizon scanning to
monitor climate policy and regulation to future proof our approach to
net zero. We intend to continue this in FY2026.
Risk
SPEEDY’S PROVISION OF LOW-EMISSION
FUEL ALTERNATIVES MAY BE INSUFFICIENT
TO MEET CUSTOMER DEMAND
Description
This could lead to
losing customers
to competitors or
straining customer
relationships due to
cost negotiations.
Impacts
h Reduced revenue from fossil fuels due to
reduced customer demand
h Loss of revenue from customers moving to
suppliers with lower carbon fuel offerings
h Increased CAPEX in new machinery and
specialized equipment, e.g. for hydrogen
h Increased OPEX on training costs to upskill
staff to maintain and repair new products
Scenario
NZ DT
Time Horizon
LT LT
Estimated annual financial impact (£)
Not modelled due to measurement uncertainty, would not
constitute meaningful disclosure
Management resiliency response
We track market trends for emerging technologies and new fuel
types, including through our regular ESG horizon scanning.
Through regular engagement with customers, we assess their
demand for low-emission fuels, considering both financial and
carbon-related costs and benefits.
Collaboration with key suppliers drives innovation, ensuring we
deliver low-carbon solutions that meet customer expectations
whilst supporting sustainability and long-term growth.
Our Investment Committee ensures that our investment in low-
carbon technologies and sustainable fuels, and the phased
divestment of carbon-intensive products is in line with our roadmap.
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TASKFORCE ON CLIMATE-RELATED FINANCIALS DISCLOSURE (‘TCFD’)
Opportunity
CUSTOMER DEMAND FOR LOW-EMISSIONS
EQUIPMENT AND SERVICES WILL RISE AS
THE ECONOMY TRANSITIONS TO NET ZERO
Description
This could lead to new
revenue streams and
greater market shares,
especially if Speedy Hire
is an early adopter.
Impacts
h New revenue streams from new
products
h Investment in low emission fuel
alternatives, new machinery and
specialist equipment, particularly in
relation to hydrogen
h Increasing OPEX to respond to
market and technology trends
h Increased training costs to upskill
staff to maintain and fix new
products
Scenario
NZ DT
Time Horizon
MT LT MT LT
Estimated annual financial impact (£)
4.6m – 4.8m 2.8m – 3.1m ~3.9m 2.2m – 2.5m
Management resiliency response
In FY2025, we saw increasing demand for low-emissions technology,
especially in public sector works, contributing to revenue from eco
products rising to 48% of core hire revenue. As our customers near
term emissions reduction targets approach, we expect that this
demand will only accelerate.
The quantitative modelling results underline that we are well
positioned to address this market opportunity if we continue to
invest in line with our eco product roadmap.
Opportunity
INVESTMENT IN LOW-EMISSIONS
PRODUCT TECHNOLOGY WILL SUPPORT
SPEEDY’S CLIMATE TARGETS
Description
In addition to
meeting our climate
targets, this could
lead to increased
efficiencies and
opportunities
for business
partnerships.
Impacts
h Increased revenue streams from eco
products, delivering return on investment
through savings on energy costs
h CAPEX investment into renewable energy
and emissions reduction initiatives,
including investment in new low-carbon
equipment
h Increased OPEX to monitor and respond to
market and technological trends
Scenario
NZ
Time Horizon
LT
Estimated annual financial impact (£)
Not modelled due to measurement uncertainty, would not
constitute meaningful disclosure
Management resiliency response
In FY2025, we made major steps in our eco product roadmap with
further deployment of battery storage units, hydrogen technology
and cordless products. We also purchased new eco tower lights,
showing that there are viable low-carbon solutions for existing and
future contracts. We have stepped up our focus on circularity of our
products to address the embodied carbon in our products, resulting
in successful introduction of new products like X-fence. Through
our membership of industry bodies like the Construction Leadership
Council, we help drive adoption of low-emissions technology in the
construction and infrastructure sectors.
Opportunity
ACHIEVING OUR SCIENCE-BASED
TARGET COULD ALLOW US TO BECOME
A CLIMATE LEADER
Description
Progressing in
key reduction
activities and
achieving committed
reductions is likely
to lead to sustained
growth of long-
term financial and
reputational benefits
as well as attract and
retain customers and
talent.
Impacts
h Higher revenues due to growing customer
demand for low-emission products and
services
h CAPEX investment in new equipment and
vehicles, as well as renewable energy and
energy saving measures
h Decreased OPEX due to energy cost
savings
Scenario
DT CP
Time Horizon
ST MT ST MT LT
Estimated annual financial impact (£)
Not modelled due to measurement uncertainty, would not
constitute meaningful disclosure
Management resiliency response
In FY2025, we achieved an EcoVadis Platinum rating, placing us in
the top 1% of businesses in our sector for sustainability, moving up
from our previous Gold-rating.
We retained our listing amongst the Financial Times Climate Leaders
in 2024 and our CDP A- rating.
We also joined SEDEX to reinforce our commitment to supply chain
sustainability and strengthen our efforts to safeguard workers,
communities and the environment in our supply chain.
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Financial quantification of the potential financial impacts of key climate-related risks
and opportunities
In FY2025, we finalised the second phase of the financial quantification of our most material risks.
We developed a quantitative model that analysed the evolution of Speedy Hire’s core hire range in line
with our Velocity strategy, focusing on generators and tower lights. We chose these products because
they are among the most carbon-intensive product categories in our core portfolio, as well as the
product types with the most validated data in terms of climate impact.
The model quantified the potential annual increase in demand for eco products, based on the publicly
available emissions targets of our top 10 major’ hire customers and how this may evolve under different
climate scenarios.
In the same model, we modelled multiple scenarios for the share of low-carbon assets in our core hire
product portfolio, reflecting three distinct procurement strategies:
h Replace and grow: Proactively investing in eco assets for both asset replacement and fleet
expansion, following our Velocity growth ambitions and net zero commitments.
h Replace only: Solely replacing existing assets with eco alternatives at the end of their UEL, whilst
purchasing conventional equipment for fleet growth.
h Key client replacement and grow: Replacing end-of-life assets with low-emissions alternatives for
key client contracts as well as for growing in line with Velocity.
By overlaying projected demand for eco-assets within power and lighting and the anticipated share of
these product groups in our portfolio in the three procurement strategies, we could understand how
flexible we are as a business to meet customer demand for low-emissions alternatives in power and
lighting (see figure 2).
Figure 2: Share of eco-assets in Speedy Hire’s core portfolio in different transition
scenarios and procurement strategies (lighting towers and generators only)
The modelling results show that demand for eco assets could increase by 46% by 2030 across lighting
and power, if our largest clients meet their emissions reduction target. In the construction sector, public
and private sector decarbonisation targets, PAS2080:2023, the Net Zero framework for construction by the
Construction Leadership Council and the new net zero Carbon Building Standard drive this transition.
In a net zero 2050 scenario, this additional annual revenue from low-emissions products (lighting towers and
generators only) is estimated at £4.3m in the short term, £4.6m in the medium term and £2.8m in the long
term. In a current policies scenario, with slower market adoption of low-emission technology, this additional
revenue opportunity is £2.6m in the short term, £2.7m in the medium term and £1.3m in the long term.
The trajectory for meeting the targets of our eco roadmap and our own science-based targets is closely
aligned to this demand growth, positioning us well to meet this market demand, provided that we
continue executing our eco product roadmap.
Delayed transistion
Net zero 2050
Current policies
Replace and grow
Procurement strategies
Over
provisioning
Under provisioning
Procurement strategy outpaces
customers' demand
Demand scenarios
Speedy Hire’s SBT trajectory
Replace only
Key client replacement and grow
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Investment in low-emissions product technology creates further opportunities through meeting Speedy
Hire’s Science-based targets and maintaining our status as a climate leader in our industry. Over the
past year, we have demonstrated that this attracts new clients, leads to increased efficiencies, and
generates opportunities for business partnerships.
We also anticipate that low-carbon technologies have longer lifetimes and lower maintenance costs,
bringing financial benefits while also reducing our emissions and benefiting our circular economy
ambitions. We are gathering data to validate this opportunity.
In the transition of our asset portfolio, we face the risk of stranded assets. Carbon-intensive assets in
its portfolio would become obsolete and potentially stranded if they cannot generate revenue anymore
because of shifting customer preferences or regulatory restrictions and may be written off before the
original investment has been recovered.
In the Net Zero 2050 scenario, the cost of stranded carbon-intensive assets would peak in the medium
term at around £850k annually (lighting towers and generators only). A mismatch between the share
of eco-assets in our portfolio and market demand in this scenario could mean that we also miss out on
around 60% of the potential additional revenue from eco-assets.
In a delayed transition scenario, the value at risk from asset stranding would be around £480k in the
medium term and decline subsequently. The risk of stranded assets is negligible in a current policies
scenario as slower adoption of low-emission technology reduces the threat of rapid obsolescence.
The modelling results indicate significant flexibility in our procurement strategy to meet the growing
demand for eco assets. The ‘Replace and grow’ procurement strategy represents the fastest shift to
eco assets that we can achieve without writing off assets before the end of their useful life. The wide
range between this scenario and the procurement strategy representing the slowest shift to eco assets
(Key client replacement and grow’, see figure 2) shows that we can adjust the share of eco assets in our
portfolio in line with demand by adjusting our procurement strategy.
Model limitations and next steps
As the model is currently limited to lighting towers and generators only, the results are only applicable
to these product categories. Demand for hydrogen-based technologies was excluded because of the
emerging nature of this market. Additionally, it is based on public information about the climate goals of
our customers and the assumption that they will meet these targets.
The assessment of energy-related risks relies on assumptions about the availability of technology to
shift our fleet and property to low-carbon energy sources and is subject to uncertainties in projections
of energy prices and evolution of energy markets.
We aim to expand and improve the models, including other product categories, to provide us with a
further quantitative understanding of the opportunities and risks related to the shift of the core hire
portfolio to eco-assets.
Energy-related risks and opportunities
We also quantified the potential financial impacts of energy-related risks to our operations. This
assessment focused on our own properties and Company vehicle fleet and excluded fuel that we sell to
our customers, where energy price risks are addressed in the contractual arrangements.
We have developed projections for energy use in our properties and fleet, using historic energy
consumption combined with our latest business plans for switching buildings and vehicles over to low-
emissions energy sources. We calculated projected energy costs for our fleet and properties by applying
energy price projections from market forecasts and scenario projections. Lastly, our methodology
assessed the potential impact of price volatility, using historic price volatility between
2018 and 2023 as reference points.
Figure 3: Estimated fuel costs for our own vehicle fleet in different transition scenarios
Current policies Delayed transition Net zero 2050
24
Diesel HVO Electricity
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
25 26 27 28 29 30 31 32
Fleet energy costs (k£)
24
Diesel HVO Electricity
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
25 26 27 28 29 30 31 32
Fleet energy costs (k£)
24
Diesel HVO Electricity
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
25 26 27 28 29 30 31 32
Fleet energy costs (k£)
The results showed how the transition to net zero will change the nature of energy-related risks for our
business. Under the Net Zero scenario, electricity and fuel prices may become volatile due to limited
fossil fuel supply and large investment in renewables and network infrastructure. This could result
in £700k–£830k additional fuel costs for our vehicle fleet annually in the medium to long term due to
increasing reliance on HVO. Fuel price volatility may result in cost fluctuations of £1.1m to £1.3m in
the scenario.
Speedy Hire Plc Annual Report and Accounts 2025
50
Under the Delayed Transition scenario, energy-related risks are most pronounced in the long term,
primarily because critical investments in renewable infrastructure and low-emission technologies are
expected to occur beyond 2030. Around 2030, high and volatiles fuel prices may add £1.2m to £1.7m to
the annual fuel bill for our fleet, due to continued use of HVO and fossil fuels.
Under the Current Policies scenario, fuel price risks dominate, because of prolonged dependence on
fossil fuels and HVO. With fleet decarbonisation lagging, Speedy Hire may see an increase of up to
£1.4m in fuel costs for its vehicle fleet in the medium term.
We mitigate these risks through flexible procurement strategies and proactively hedging energy
contracts where feasible. Continued investment in eco products and low-emission fuel alternatives will
reduce our exposure to fossil fuel price risks over time.
RISK MANAGEMENT
Identifying and assessing climate-related risks
Our list of climate-related risks and opportunities was originally established in FY2023 and covered
both physical and transition risks based on our initial scenario analysis and climate risk assessment.
In FY2025, we re-evaluated the risk scores of these risks and opportunities, using the same
methodology. The updated scores were based on our risk mitigation progress, additional climate
science, and financial quantification.
Managing and integrating climate-related risks
Climate-related risk management is integrated into our overall risk management framework, with all
material climate-related risks and opportunities stored in the Company risk register. The findings from
our climate-related risk assessment are used by the Board to assess our principal risks.
Metrics and targets
Speedy Hire uses a range of metrics and targets to manage and assess climate-related risks and
opportunities. Our primary climate-related metrics are our GHG emissions footprint and SBTi-validated
net zero targets. These also help us understand and manage our climate-related risks and opportunities.
GHG emissions reporting
We use the Greenhouse Gas (‘GHG’) Protocol to calculate our GHG emissions for Scope 1, 2 and 3
emissions. The detailed breakdown of emissions by category, a comparison of emissions to our base
year and a detailed narrative on our performance against our emissions targets is available in our GHG
statement (pages 53 to 55).
Science-based targets
We have set the following SBTi-validated emissions targets:
h Reduce absolute scope 1 and 2 GHG emissions by 51.6% by FY2030 from an FY2020 base year
(target includes land-related emissions and removals from bioenergy feedstocks).
h Reduce absolute scope 3 GHG emissions by 42% by FY2030 from an FY2020 base year.
h Reduce absolute scope 1, 2 and 3 GHG emissions by 90% and commit to offsetting the residual
emissions 10% by FY2040 from an FY2020 base year to reach net zero GHG emissions.
As part of our SBTi-validated net zero target, we are committed to using high-quality removals to offset
up to 10% of remaining hard-to abate emissions for our 2040 net zero date.
Our net zero roadmap sets out our strategy to meet these targets. It is supported by our eco product
roadmap, our nature positive by 2030 roadmap and our circularity strategy.
The sections on Climate Solutions (page 38) and Accelerating Innovation (pages 33 to 35) of this report
describe how we have been progressing these strategies.
Additional metrics and targets
In addition to tracking our SBTs and GHG emissions, we monitor several other operational and financial
metrics and targets. These are outlined in the tables below. They help us track the magnitude of risks
and exposure to these risks, identify opportunities, and strengthen our resilience to climate change in
alignment with our net zero targets.
Monitoring progress
By tracking our progress against these targets under the Climate Solutions pillar of our Decade to
Deliver strategy, we monitor our transition risk exposure across all time horizons.
For physical climate-related risks, we monitor the downtime of our sites and depots and ensure that
Business Continuity Plans are drawn up for our sites and depots.
Climate-related performance metrics, particularly our performance against our SBTi net zero targets,
are factored into the Board’s remuneration policies.
Speedy Hire Plc Annual Report and Accounts 2025
51
Corporate Information Financial Statements Strategic Report Governance
ESG REPORT CONTINUED
TASKFORCE ON CLIMATE-RELATED FINANCIALS DISCLOSURE (‘TCFD’)
Energy (risks: fuel price and energy price)
Targets FY24 FY25 Target status
100% renewable electricity by 2027 94.2% 94.1% On track
30% of natural gas to be replaced with alternative fuels and technologies by 2030 from a FY2020 base year 47.3% decrease vs. base year
67% reduction in natural gas
(FY2025 vs FY2020) Target met
100% company cars to be electric/hybrid by FY2025 and 100% electric by 2030 99.35% 100% (FY2025 vs FY2020) Target met
15% of HGVs transitioned to electric by 2030 1.3%
1.3% HGVs transition to
electric (FY2025)
Working
towards
25% of HGVs converted to HVO D+ by 2030 35%
21% of HGVs converted to
HVO D+ (FY2025) On track
Light Commercial vehicles introduced 154 266 On track
66% of our LCVs will be electric by 2030 17%
21% of LCVs transitioned to
electric (FY2025)
Working
towards
Metrics FY24 FY25
Litres of diesel replaced by running large commercial vehicles on HVO D+ (litres) 1 million 1.1 million n/a
Associated emissions reduction from HVO D+ from large commercial vehicles (tCO
2
e) 2,454 2,755.44 n/a
Number of depots with Building Management Systems (BMS) installed 10 14 n/a
Hire assets (risks: sets, climate technology, customer demand; opportunities: product and service and supports targets)
Target FY24 FY25 Target status
70% of itemised products to be eco by FY2027 51% 53% On track
Metrics FY24 FY25
Percentage of capital expenditure on hire fleet relating to eco products 63% 71% n/a
Proportion of revenue that is generated from eco products 54.8% 56% n/a
Increasing our sales of HVO D+ to support our customers’ demand for sustainable fuels and associated emissions reduction (litres) 13.4 million 14.8 million n/a
EV charging infrastructure (risk: infrastructure)
Metric FY24 FY25
Continue to roll out EV charging infrastructure across our network (total no. of chargers installed) 162 89 n/a
Speedy Hire Plc Annual Report and Accounts 2025
52
ESG REPORT CONTINUED
CORPORATE GREENHOUSE GAS (GHG) EMISSIONS REPORT
Greenhouse gas summary
This statement has been prepared in accordance
with ISO14064-1:2018 for the purpose of
documenting our greenhouse gas ('GHG')
emissions for FY2025 and transparently discloses
progress against our targets. Ultimately this
statement and its disclosure is the responsibility
of the Board. In our ambition to deliver absolute
net zero across all scope 1, 2 and 3, headline
scope 3 figures have been provided, followed by
the methodology used to calculate our emissions,
and finally, a detailed breakdown of our emissions.
Our scoped emissions have been prepared in
accordance with the GHG Protocol Corporate
Standard for the purpose of documenting our
results under operational control. For the reference
period FY2025, our emissions were 282,688.62
tCO
2
e for scope 1, scope 2 and scope 3 (excluding
category 8, 10, 12, 14). This is an increase of 5%
from the FY2020 baseline year total footprint
of 269,265.64tCO
2
e and a 0.4% reduction from
FY2024 total footprint of 283,947.52 tCO
2
e. Whilst
Scope 1 and 2 emissions have reduced by 50%
from the FY2020 baseline year the overall increase
is being primarily driven by the increase in Scope 3
emissions from downstream leased assets and use
of sold products.
Quantification Methodology Summary
We have reported on all emissions sources
required under the Companies Act 2006 (Strategic
and Directors’ Report) Regulations 2013. We have
aligned to ISO14064-1:2018 in our management
of scoped emissions including the use of GHG
Protocol Corporate Accounting and Reporting
Standard (revised edition), scopes 1, 2 and 3, and
emissions factors from the UK Government’s
GHG Conversion Factors for Company Reporting,
the 2021 Governments GHG Conversion Factors
for supply chains (last updated May 2024), and
average inflation rates within the reporting period.
The organisational boundary has been set based
on the operational control approach. A significance
threshold of a single omission equal to 1% of total
emissions per category, and a cumulative impact,
across all scopes being no more than 5%, has
been applied to our emission scope inventory,
meaning emission data sources below this
threshold may be omitted from the footprint due
to their lack of magnitude, level of influence, data
availability or data accuracy.
Quantification Methodology Details
(The Corporate Value Chain (Scope 3) Standard).
The quantification was done using financial spend
based data including manual payment systems.
We have used spend categories, provided by our
inhouse tool, to align carbon factors against UK
Government supply chain factors. Within category
1 and 2 we have omitted spend related emissions
associated with bank fees and all taxes (including
council tax). Due to the high-level nature of the
spend categories we understand the limitations
in accuracy for inclusions and/or exclusions
assigned by the current emission factors. Our
remaining scope 3 categories 3 (FERA), 4
(upstream transportation and distribution), 5
(waste generated in operations), 6 (business
travel), 7 (employee commuting), 9 (downstream
transportation and distribution), 11 (use of sold
products), 13 (downstream leased assets), 15
(investments), has used a hybrid model of financial
based modelling with activity included where
possible. The GHG Protocol Corporate Accounting
and Reporting Standard (revised edition) has
been used to derive scopes with emissions
factors adopted from the UK Government’s GHG
Conversion Factors for Company Reporting as
well as International Energy Association. The
methodology for downstream leased assets has
been updated for Speedy Hire products since
last financial year, as more accurate assumptions
regarding fuel consumption and hours of use per
hire day have been extracted from validated supply
chain data for top hired products.
While there have been no procured offsets during
FY2025, we have used REGO backed certificates
from biomass, across our depot network which
based on the Corporate Standard, any CH
4
or
N
2
O (reported as CO
2
e) emissions from biogenic
energy sources are reported in scope 1, while the
CO
2
e portion of the biofuel combustion shall be
reported outside the scopes (see GHG table).
Base Year Selection
Our baseline reports on the Scope 1, 2 and 3
inventory in FY2020. FY2020 was chosen for the
following reasons:
h FY2020 was prior to the COVID-19 pandemic
and the impact it had on our operations.
h FY2020 was deemed a typical year of activity
with low uncertainty in data yield.
There has been no historic change of the baseline
report prior to this statement as our threshold
for re-baselining has not been met. Aligned
to the ISO14064-1 transparency principle, we
will undergo baseline re-evaluation in FY2026
including the validation of further emissions
identified within downstream leased assets in
FY2025 (contributing to emissions above the 5%
threshold policy). These are not reported within
the current category 13 of scope 3 due to their
unvalidated sources.
Global GHG Emissions
The data used to report the GHG emissions have
been assessed and assigned the following:
The aggregated uncertainty level has been
established using the ‘GHG Protocol guidance
on uncertainty assessment in GHG inventories
and calculating statistical parameter uncertainty’.
This is disclosed within the GHG table within this
statement. By transitioning to activity-based data,
we aim to reduce the uncertainty regarding our
Scope 3 emissions.
Verification Assurance Statement
This GHG Statement has been verified by Auditel,
an independent third party qualified to undertake
GHG Emissions Reporting Assurance. The
Verification Opinion Statement ('VOS') issued by
the Verifier is available on our website. The VOS is
associated with the Company’s Greenhouse Gas
Statement on Operational Control Emissions for
the Financial Year (FY2025).
Speedy Hire Plc Annual Report and Accounts 2025
53
Corporate Information Financial Statements Strategic Report Governance
Emission Scope
GHG Protocol
Emissions Scope
ISO14064-1:2018 Emissions SourceSOe
Tonnes of CO
2
e
FY2025 FY2024 Baseline (FY2020) Narrative
Scope 1 Category 1
Direct GHG emissions
or removals
Combustion of Fuel and Operation of Facilities 11,967.39 1 2, 297.84 19,841.43 Increased use of transitional fuels (12.26%) and decrease in
fossil fuels like diesel (8.74%) within commercial fleet drives
positive reduction in scope 1 (vs FY2024).
Scope 1 Category 1
Direct GHG emissions
or removals
Refrigerants 0 0 13.1 7 No refrigerant leakage identified this financial year.
Scope 2 Category 1
Direct GHG emissions
or removals
Electricity, Heat, Steam and Cooling Purchased for Own Use
(market-based)
176.09 121.00 4,411.68 Renewable tariff use this financial year holds high at 94.10%
however non REGO tariff backed use has increased due to an
overall increase in electricity usage.
Scope 2 Category 2
Indirect GHG emissions
from energy
Electricity, Heat, Steam and Cooling Purchased for Own Use
(location-based)
1,878.08 1,716.08
Total Scope 1 and 2 Emissions (market-based) 12 ,1 43. 4 8 12,418.84 24,266.28 Scope 1 and 2 - Level of aggregated uncertainty +/-5.8%
Scope 3 Category 4
Indirect from products
an organisation uses
Cat 1: Purchased Goods and Services 7,777.84 13,699.33 16,281.00 Change in methodology moving from EU to UK localised supply
chain factors which incorporate the UK’s decarbonisation
progress, along with reduced supply chain spend in FY2025
have contributed to a downward trend.
Scope 3 Category 4
Indirect from products
an organisation uses
Cat 2: Capital Goods 33,730.10 64,752.95 58,275.85 Change in methodology moving from EU to UK localised supply
chain factors which incorporate the UK’s decarbonisation
progress, along with reduced supply chain spend in FY2025
have contributed to a downward trend.
Scope 3 Indirect from products
an organisation uses
Cat 3: FERA 4,136.2 3,429.05 1,290.37 Increase in total fuel and changes to emission factors for FERA
reporting (e.g. HVO) have contributed to an increased trend.
Scope 3 Category 3
Indirect GHG emissions
from Transportation
Cat 4: Upstream Transportation and Distribution 1,701.83 1,916.97 6,701.16 Change in methodology (activity-based modelling) and
reduction in third party haulier spend this financial year.
Scope 3
Category 4
Indirect from products
an organisation uses Cat 5: Waste Generated in Operations 18.91 139.31 91.94
Decreased emission factors for waste reporting and increased
recycling within depot networks has contributed to decreased
emissions.
Scope 3 Category 3
Indirect GHG emissions
from Transportation
Cat 6: Business Travel (inc. all WTT emissions) 152.62 189.27 392.91 Reduction in business travel due to better utilisation of hybrid
working activities and teleconferencing under our Sustainability
Travel Policy.
Scope 3 Category 3
Indirect GHG emissions
from Transportation
Cat 7: Employee Commuting 2,982 3,019.97 3,398.94 Reduced headcount, promotion of hybrid working and changed
in UK commuting patterns have contributed to reduced
reported emissions.
Note for emissions data table: Category 8 (upstream leased assets), 10 (processing of sold products), 12 (end of life treatment of sold products), 14 (franchises) are scoped out due to Speedy Hire’s business
operations consistent with the GHG Protocol definitions (The Corporate Value Chain (Scope 3) Standard).
ESG REPORT CONTINUED
CORPORATE GREENHOUSE GAS (GHG) EMISSIONS REPORT
Speedy Hire Plc Annual Report and Accounts 2025
54
Emission Scope
GHG Protocol
Emissions Scope
ISO14064-1:2018 Emissions SourceSOe
Tonnes of CO
2
e
FY2025 FY2024 Baseline (FY2020) Narrative
Scope 3 Category 4
Indirect from products
an organisation uses
Cat 8: Upstream Leased Assets Scoped out Scoped out Scoped out
Scope 3 Category 3
Indirect GHG emissions
from Transportation
Cat 9: Downstream Transportation and Distribution 955.91 3,156.00 3,698.41 Change in methodology (activity-based modelling) and
reduction in third party haulier spend this financial year with
increased utilisation of Speedy Hire’s own fleet.
Scope 3 Category 5
Indirect GHG emissions
(use of products from
the organisation)
Cat 10: Processing of Sold Products Scoped out Scoped out Scoped out
Scope 3 Category 5
Indirect GHG emissions
(use of products from
the organisation)
Cat 11: Use of Sold Products 87,193.82 98,950.36 66,237.66 Total fuel sales (including transitional fuels) have increased since
FY2020 in line with the market expectations. Diesel sales have
decreased since FY2024 in parallel with increased transitional
fuel (HVO) supporting customers decarbonisation efforts. Well
to tank emissions remain higher than previously reported due to
carbon factor increases.
Scope 3 Category 5
Indirect GHG emissions
(use of products from
the organisation)
Cat 12: End of Life Treatment of Sold Products Scoped out Scoped out Scoped out
Scope 3 Category 5
Indirect GHG emissions
(use of products from
the organisation)
Cat 13: Downstream Leased Assets 127,530.99 81,620.98 8 7,47 9.5 6 Increased accuracy of in-use activity data linked to the top 150
revenue powered products. Top revenue delivered by powered
products within the sample is still predominantly driven by
fossil fuels such as petrol (52%).
Scope 3 Category 5
Indirect GHG emissions
(use of products from
the organisation)
Cat 14: Franchises Scoped out Scoped out Scoped out
Scope 3 Category 5
Indirect GHG emissions
(use of products from
the organisation)
Cat 15: Investments 4,364.92 654.49 1,151.56 Inclusion of downstream fuel use sold within products in KZ
operations now in scope.
Total Scope 3 emissions 270,545.14 271,528.68 244,999.36 Scope 3 - Level of aggregated uncertainty +/-9.5%
Total emissions Scopes 1, 2 and 3 (market-based) 282,688.62 283,947.52 269,265.64
Biogenic tCO
2
e associated with biomass
117.85 n/a n/a
Speedy Hire Plc Annual Report and Accounts 2025
55
Corporate Information Financial Statements Strategic Report Governance
ESG REPORT CONTINUED
STREAMLINED ENERGY AND CARBON REPORTING
The UK Government’s Streamlined Energy and Carbon Reporting ('SECR') is the carbon and energy consumption reporting scheme that builds on existing reporting requirements
that companies face. SECR came into effect in April 2019 and requires companies to disclose their energy use and carbon emissions in their annual filings. The aim is to highlight
opportunities for energy savings and decarbonisation at the Board level and is publicly available to stakeholders.
Statement of Compliance
Reporting years FY2020 (base year) and FY2024 using all the Scope 1 Gas and Scope 2 Electricity data
available to date. FY2020 data has not been validated through a third-party verification however from
FY2023 Scope 1 and 2 activity data was verified under ISO14064-1:2018. This approach will be followed
for all following years.
Methodology
ESOS methodology (as specified in Complying with the Energy Savings Opportunity Scheme version
6, published by the Environment Agency 28/10/2019) used in conjunction with Government GHG
reporting conversion factors.
h Sites given average square footage (supplied by Speedy Hire).
h Carbon factors used are sourced from Government DEFRA Conversion Factors.
h Intensity ratios calculated using square meterage.
h kgCO
2
e per square metre of total depot area.
h Energy efficiency actions are found within the Climate Solutions section.
Speedy Hire is committed to responsible energy management and will practice energy efficiency
throughout the organisation, aligned to the requirements of ISO 50001 and ESOS. We recognise that
climate change is one of the most serious environmental challenges currently threatening the global
community and we understand we have a role to play in reducing greenhouse gas emissions. See
pages 36 to 38 for initiatives we have undertaken for the purpose of increasing the businesses energy
efficiency in the most recent financial year.
FY2025 FY2024
FY2020
(baseline)
Scope 1 emissions (tCO
2
e) 11,967.39 1 2,297.84 19,854.60
Scope 2 emissions (tCO
2
e) (market-based) 176.09 121.00 4,411.68
Scope 2 emissions (tCO
2
e) (location-based) 1,878.08 1,716.08 4,411.68
Total Scope 1 and 2 emissions (tCO
2
e)
*market based
12 ,14 3.48 12,418.84 24,266.28
Emission intensity Scope 1 and 2 (kgCO
2
e/sq.ft.)
*market based
5.76 6.2 n/a
UK natural gas usage (kWh) 4,791,246 3,908,216 7,344,025
Global natural gas usage (kwh) 0 0 21,665
UK commercial fuel usage in Scope 1 (ltr) 4,950,372 5,219,160 6,224,566
Global commercial fuel usage in Scope 1 (ltr) 136,768 137,895 85,750
UK electricity usage (kWh) 8,916,597 8,336,297 11,205,438
Global electricity usage (kWh) 154,048 182,627 233,034
Total energy consumption (kWh) (Gas and Electric) 13,861,889 12,42 7,140 18,804,162
Note: emission intensity unit per sq.ft. of property was not disclosed during our baseline.
Speedy Hire Plc Annual Report and Accounts 2025
56
NON-FINANCIAL AND SUSTAINABILITY
INFORMATION STATEMENT
Information necessary to understand our development,
performance, position and the impact of our activity Relevant policies and guidance
1
ENVIRONMENTAL MATTERS
Our policies reflect the needs of our environment and support
our roadmap to net zero.
ESG Report – Pages 28 to 56, incorporating the following
key areas:
Responsible sourcing – Page 32
Climate solutions – Pages 36 to 38
Corporate Greenhouse Gas (‘GHG’) Report – Pages 53 to 55
Task Force on Climate-related Financial Disclosures – Pages
43 to 52
Supplier Trading Agreement
Supplier Code of Conduct
Speedy Hire Sustainability Requirements
for Suppliers
Supply Chain Policy
Sustainability Policy
Sustainable Travel Policy
Environmental Policy
Energy Policy
COLLEAGUES
Our People First strategy is driven by living our values of
ambition, innovation, inclusivity, safety, working together and
trusting each other. Our polices help support this.
Including everyone – Pages 39 to 40
Diversity, Equity and Inclusion – Page 39
S.172 Statement – Pages 58 to 61
Employee Handbook
Recruitment, Selection & Equal Opportunity
Policy
Diversity, Equity and Inclusion Policy
Resolving Issues at Work Policy
Health and Safety Policy
Work Safe Policy
Wellbeing Policy
Flexible Working Policy
Leave Policy
People Development and Career Mobility
Policy
Family Friendly Policy
Information necessary to understand our development,
performance, position and the impact of our activity Relevant policies and guidance
1
SOCIAL MATTERS
Our policies, underpinned by our Code of Conduct, support
all colleagues to do the right thing within our communities
and from a safety and environmental perspective.
Including everyone – Pages 39 to 40
Part of the Community – Page 41 to 42
ESG Report – Pages 28 to 56
S.172 Statement – Pages 58 to 61
Code of Conduct
Charity, Community & Volunteering Policy
Time off for Public Duties – Leave Policy
Health and Safety Policy
Environmental Policy
RESPECT FOR HUMAN RIGHTS
Reflecting the needs of our stakeholders we consider human
rights within our own operations, suppliers and customers.
Our published Modern Slavery Statement is available at
www.speedyhire.com/investors
Human Rights Policy
Anti-Slavery and Human Trafficking Policy
Employee Handbook
Code of Conduct
Speak Up Whistleblowing Policy
Data Protection – GDPR – Policies
ANTI-CORRUPTION AND ANTI-BRIBERY MATTERS
Our policies support compliance with anti-bribery and
anti-corruption requirements. We strive to act in a clear,
transparent and fair way without our operations and expect
our stakeholders to do the same.
Audit & Risk Committee Report – Code of Conduct –
Page 85
Corporate Governance – Pages 75 to 80
Code of Conduct
Anti-Bribery Policy
Speak Up Whistleblowing Policy
Supplier Trading Agreement
Supplier Code of Conduct
Supply Chain Policy
Internal financial control processes
Competition Law Policy
Share Dealing Policy
1
Some of our policies and guidance are only published internally.
In accordance with sections 414CA and 414CB of the Companies Act 2006, the information below sets out how we comply with each reporting requirement, where further information can be found within the
Annual Report and Accounts and which relevant policies and guidance are adopted:
What we do is described on the Highlights page and our vision, mission and values are described on page 1. We demonstrate how we act as a responsible business when fulfilling our mission and values
throughout our ESG Report on pages 28 to 56. Our principal risks and uncertainties, together with the mitigating controls in place, are summarised within our Principal Risks and Uncertainties disclosures on
pages 62 to 69. A description of all matters relating to climate-related risks and opportunities, are included within our Task Force on Climate-related Financial Disclosures on pages 43 to 52.
Speedy Hire Plc Annual Report and Accounts 2025
57
Corporate Information Financial Statements Strategic Report Governance
SECTION 172 STATEMENT AND ENGAGEMENT
WITH STAKEHOLDERS
Section 172 of the Companies Act 2006 requires
the Directors of Speedy Hire Plc to act in a way
that they consider, in good faith, both individually
and together, would most likely promote the
success of the Company for the benefit of its
members as a whole, and in doing so have regard
(amongst other matters) to:
h the likely consequences of any decisions in
the long term;
h the interests of the Company’s employees;
h the need to foster the Company’s business
relationships with suppliers, customers and
others;
h the impact of the Company’s operations on
the community and environment;
h the desirability of the Company maintaining
a reputation for high standards of business
conduct; and
h the need to act fairly as between members of
the Company.
Each Director and the Board collectively gives
careful consideration to the factors set out
above and have acted in a way they consider
complies in all respects with their Section 172(1)
duty, in the decisions taken during the year
ended 31 March 2025. Details of how the Board
discharged its duties are set out in the Strategic
Report pages 58 to 61 and should be read in
conjunction with information disclosed in the
Governance section, on pages 71 to 119.
To help facilitate this, before each scheduled
Board meeting all Directors receive appropriate
reports addressing key matters concerning
customers, suppliers, investors, colleagues,
regulators and the environment and also
information regarding the Group, comprising
a financial report and briefings from senior
executives.
The Chief Executive and Chief Financial Officer
also brief Directors on results, key issues and
strategy. During Board meetings, the Non-
Executive Directors regularly make further
enquiries of the Executive Directors and seek
additional information which is provided either at
the relevant meeting or subsequently.
This information and any related reports
(provided either before or after meetings) are
considered in the Board’s discussions and in its
decision-making process when having regard to
Section 172 of the Companies Act 2006.
Stakeholder engagement
Engagement with relevant stakeholders is a
key consideration of the Board which varies
depending on the subject at hand. Pages 58 to 61
detail Speedy Hire’s key stakeholders and how we
engage with them.
As mentioned above the Board receives reports
from management concerning its customers,
suppliers and others in a business relationship
with the Company which it takes into account
in its discussions and also in the Section 172(1)
decision making process. The Board has also
received training relating to its obligations under
Section 172(1) and the consideration of the
Company’s stakeholders.
Colleague engagement
In addition to the Board receiving reports from
management concerning its colleagues the Board
engages directly with colleagues in a variety of
ways. This includes via its Colleague Consultative
Committee (attended annually by the
designated Non-Executive Director for employee
engagement, Rhian Bartlett), via its People
First Awards, the Speedy Hire Live Expo and/
or related series of live events, Chief Executive’s
and Chief Financial Officer’s ‘Up to Speed’ and
‘The Hub’ communications and monthly ‘Team
Talk’ updates. Further information on colleague
engagement can be found on pages 39 to 40.
Board decisions and stakeholders
This statement details a number of examples of
how the Directors have had regard to Section
172(1) when discharging their duties and the
effect that this regard had on the decisions being
made. Speedy Hire’s approach to connecting
with our people, customers, communities
and suppliers, is to build a sustainable future,
as detailed on pages 28 to 56 through the
Company’s ESG programme. Our mission is to
be the most efficient and sustainable UK hire
business: digital and data driven, optimised
through operational excellence, and powered by
our people. Our vision is to inspire and innovate
the future of hire and accelerate sustainable
growth.
Our key stakeholders
Engagement with our key stakeholders plays
an essential role throughout the business. It
is a multi-layered process with engagement
touching all levels of our business from front line
operations to the Board and its Committees.
Our key stakeholders and examples of how
we engage are detailed in the tables on the
following pages. Relevant information from these
interactions informs judgements and decision
making.
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58
Key stakeholder
CUSTOMERS
Why we engage
Understanding the needs and challenges of our customers allows us to deliver a service of high standards.
We engage with our customers to ensure our services meet their evolving requirements and we seek to solve
their challenges through innovative technology and solutions to support their current and future needs.
Ways we engage
h Face to face meetings (when required),
videoconferencing and calls
h Tendering and RfP processes
h Monitoring of hires, sales and services
h Speedy Hire Direct, a central call centre in
the North West, with dedicated desks for our
National customers
h Customer Solutions, a centralised service
providing a single hire destination service
through the provision of all our core products
and services, plus an extensive range of
equipment in partnership with the industry’s
leading product suppliers
h Regional Trading Hubs, regional call centres are
located throughout the country, with dedicated
staff servicing our Regional customer base
h Through trading partnerships with some of the
UK’s leading trade and DIY brands, operating
digitally via a drop-ship-vendor model
h Service Centre network, through 135 centres
across the UK and Ireland
h Customer Relationship Centre, through our
central hub in South Wales, dedicated to
servicing our SME customers
h Online, through our website and mobile app
h Social media
h Product videos and peer reviews
h Advertising campaigns
h The Speedy Hire Live Expo and/or related series
of live events that bring together customers,
colleagues, suppliers and industry experts
h The Speedy Hire Live Sustainability Summit
virtual event, an innovative live studio webcast
event to customers, suppliers and colleagues
featuring thought leading ESG speakers and
industry panels
h Trade shows and Service Centre open days
throughout the year
h Customer feedback surveys via email and text
Areas discussed
h Availability of products and services (including
use of AI)
h Improved customer service
h Range of products and services
h Value for money
h Access to customer services e.g. Speedy Hire
app and tracking
h Four-hour service commitment to customers on
our top selling products ‘One Speedy Hire’ for
first class customer experience
h Sustainability solutions
h Product development
Key stakeholder
COMMUNITIES AND ENVIRONMENT
Why we engage
Engaging with local communities to identify opportunities to minimise the environmental impact of our
business as we work towards our commitment of operating efficiently as an industry-leading sustainable
company. This reinforces our commitment to enabling our customers to meet their sustainability targets,
and our people and local communities, from looking after their wellbeing and boosting diversity, equity and
inclusivity, to supporting charity and community projects wherever we operate.
Ways we engage
h Community engagement via our community
investment programme
h ESG strategy and initiatives to achieve ESG-
related targets, including the aim to achieve net
zero by 2040
h As a Youth Verified Business we showcase
the hire industry and career opportunities
available
h Collaboration and partnerships with charities
including WellChild, Lighthouse Club, and the
British Heart Foundation
h Signatory to Cleansheet, a national Criminal
Justice Charity to offer people with convictions
the hope of a better future by finding sustainable
employment
h Partnered with Bright Future to bring survivors of
modern slavery into the business
h Communities Committee and Community
Ambassadors
h Partnered with Scouts launching the Speedy Hire
Scouts DIY badge for young people
h Partnered with The Royal Society for the
Prevention of Accidents in publishing the ‘Safer
Lives, Stronger Nation’ report
Areas discussed
h Climate change
h Sustainability
h Local communities
h Human rights
h Forced labour/modern slavery
h Sustainable procurement
h Charity and partnerships
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Corporate Information Financial Statements Strategic Report Governance
SECTION 172 STATEMENT AND ENGAGEMENT
WITH STAKEHOLDERS
CONTINUED
Key stakeholder
COLLEAGUES
Why we engage
Engaging with colleagues is fundamental in creating a strong culture and fulfilling place to work where colleagues can contribute and help to deliver our, ambition, vision, mission and long-term success.
Ways we engage
h Colleague Consultative Committee meetings (including NED attendance)
h People First Survey and pulse surveys
h Apprenticeship and graduate programmes (commitment to the 5% Club initiative)
h Career Line of Sight programme
h Benchmarking of key roles within the business
h ‘The Hub’ colleague communications platform and intranet
h Active Yammer communities to promote social engagement
h ‘Up to Speed’ e-communications
h Mobile phone and PDA text messaging
h Senior management meetings held at various UK and Ireland locations
h Senior Leadership quarterly ‘Connect Calls’ and monthly ‘Team Talks’
h Executive Team and Chief Executive video updates and colleague briefings
h People Fluent training portal for key messages that fall outside of the regular Executive Team video
updates which can be broadcast or targeted to specific groups of colleagues
h Line manager communication and engagement workshops and training modules
h Training Academy schedule of online, classroom and practical training courses
h Personal Development Reviews
h ‘Celebrating Excellence’ reward scheme
h People First Awards nomination process and finalist gala dinner
h Long service recognition scheme at 10, 20 and 25 years’ service
h The Speedy Hire Live Expo and/or series of live events
h Speedy Hire Live Sustainability Summit virtual event
h Inclusion in cross-functional project teams to inform project development
h Over 50 volunteer Mental Health First Aiders throughout the business
h A Gender Affinity Group to support our Decade to Deliver strategy
h Partnered with Bright Future to bring survivors of modern slavery into the business
h Conducted modern slavery/human rights training for Executive Team
h Established a Human Rights cross-functional working group that meets monthly, facilitated by human
rights experts
h PLUS – People Like Us, colleague group and its underlying affinity groups:
h Gender
h Race and ethnicity
h Wellbeing
Areas discussed
h Career opportunities
h Wellbeing (including mental and physical health)
h Training and development (including safety)
h Pay and conditions
h Colleague engagement
h Human rights
h Forced labour/modern slavery
h Sustainable procurement
h Environmental sustainability
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Key stakeholder
SUPPLIERS
Why we engage
To support our business operations and ambition, we require an efficient supply chain. It is critical that we
have good supplier relationships to allow us to deliver a standout customer experience. Engaging with our
suppliers by working collaboratively ensures we can bring innovative solutions to the future of hire.
Ways we engage
h Tendering process
h Visits and meetings (including via
videoconferencing)
h Supplier conferences
h Partnership Programme engages customers,
suppliers and peer groups on key sustainability
issues
h Use of electric vans reducing CO
2
h Industry trade shows
h Product innovation days
h The Speedy Hire Live Expo and/or series of live
events
h Speedy Hire Live Sustainability Summit virtual
event
h Responsible sourcing initiatives (modern slavery
risk assessment and questionnaire on ESG
topics)
h Creation of a risk prioritisation methodology
h Implemented a procurement platform for
onboarding processes
h Speedy Hire’s Nature Positive Roadmap webinar
h Arrangement of supplier workshops to combat
modern slavery
Areas discussed
h Quality management
h Cost efficiency
h Ethical Trading policy
h Long-term relationships
h Sustainability as part of our ESG programme
h Product development
h Human rights
h Forced labour/modern slavery
h Sustainable procurement
h Environmental sustainability
Key stakeholder
INVESTORS
Why we engage
We provide clear and transparent information to the market which allows investors and potential investors
to make informed decisions. Regular communication is important to ensure the Board is aware of investor
expectations.
Ways we engage
h Annual Report and Accounts
h Annual General Meeting
h RNS announcements
h Investor presentations and roadshows
h Capital markets days
h Corporate website
h One-on-one meetings
h Information requests
h Consultation letters
h The Speedy Hire Live Expo and/or series of live
events
h Speedy Hire Live Sustainability Summit virtual
event
Areas discussed
h Financial and operating performance
h Dividends risk information
h Access to management
h Strategy sustainability
h Remuneration policy
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Corporate Information Financial Statements Strategic Report Governance
SPEEDY HIRE RISK MANAGEMENT
Speedy Hire manages risk through our Risk Management Framework which includes an overview of our internal control environment and our principal risks and uncertainties.
All principal risks are formally reviewed biannually by the Executive Team and the Audit & Risk Committee.
AUDIT & RISK
COMMITTEE
EXECUTIVE
TEAM
DEPARTMENTS
h Review results of
internal audit and control
processes
h Review external audits
h Review Group risk
register and mitigating
actions
h Corporate Risk register
reviewed and moderated
h Ownership of
departmental risk
registers and mitigating
controls
h Identify and control
local risks
h Delivery of risks
management processes
and procedures
h Risk mitigation
BOARD AND BOARD COMMITTEES
Accountability to stakeholders for organisational oversight
EXTERNAL ASSURANCE PROVIDERS
Board and Board committees’ roles: Integrity, leadership and transparency
MANAGEMENT
Actions (including managing risk) to achieve
organisational objectives
ASSURANCE
FUNCTION
Independent assurance
First line roles:
Provision of products/
services to clients;
managing risk
Second line roles:
Expertise, support
monitoring and
challenge on risk
related matters
Third line roles:
Independent and
objective assurance
and advice on all
matters related to
the achievement of
objectives
The Board has overall responsibility for the
business strategy and has delegated the
oversight of the risks associated with its delivery,
including setting the risk appetite and tolerance,
to the Audit & Risk Committee. The Audit &
Risk Committee monitors the effectiveness of
risk management, the control environment, and
directs and reviews independent assurance.
Our Risk Management Framework
Speedy Hire’s Executive Team has overall
responsibility for day-to-day risk management.
On an ongoing basis, the Corporate Risk
Manager maintains Speedy Hire’s risk register.
The Executive Team, supported by the Senior
Leadership Team, identifies the nature, likelihood
and potential impact of all identified risks and
actions to provide mitigations for each risk.
Each member of the Executive Team reviews
their business unit’s risk registers on a biannual
basis to moderate scoring, ensure any mitigating
actions are being undertaken on a timely
basis, and manage actions to reduce the risk to
Speedy Hire.
The Executive Team provide oversight of Speedy
Hire’s Risk Management Framework. We use
the three lines model to manage and provide
assurance over the risks that we face:
Key
Accountability,
reporting
Delegation, direction,
resources, oversight
Alignment, communication,
coordination, collaboration
Our internal control environment
In FY2025, Speedy Hire has continued to make
progress in the management of its internal control
environment which aims to protect Speedy Hire’s
assets and to check the reliability and integrity
of Speedy Hire’s information. This provides
assurance that Speedy Hire appropriately
manages the risks in our business model and the
delivery of our strategy.
Internally published policies set the framework for
Speedy Hire’s internal controls. These policies cover
a range of matters intended to mitigate risk, such as
health and safety, project management, information
security, trade controls, contracting requirements,
financial transactions and financial reporting.
The FRC published the 2024 UK Corporate
Governance Code and associated guidance in
January 2024, and Speedy Hire took the opportunity
to assess the maturity of risk and internal control
systems in response to the guidance. This exercise
highlighted elements of Speedy Hire’s risk and
control assurance framework that required
enhancements which will come into force for
FY2026 and for Provision 29 in FY2027.
Our principal risks
Using the Risk Management Framework
described above, the Audit & Risk Committee
has identified on pages 63 to 69 the principal
risks that it currently believes to be of greatest
significance to Speedy Hire.
As part of our risk management process, we have
assessed the mitigating controls that are currently
in place for each risk to provide an indication of
how well the risks are controlled.
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62
Risk
Developing
Controls
Moderately
Controlled
Well
Controlled
Controllable Risks
1
Vehicle or Health and Safety Incident
2
Significant IT outage or Disaster Recovery
event
5
Cyber attack
6
Velocity does not deliver expected benefits
7
Funding arrangements
8
Climate Change
9
Future of energy generation
10
Competitor risk – loss of market share
11
Loss of a major Speedy Hire site
12
Loss of talent
Uncontrollable Risks
3
Market and economic conditions
4
Government policy
Impact
Very high
1
High
6
9
11
12
10
7
8
5
2
4
3
MediumLowVery Low
Very Low Low Medium High Very high
Likelihood
Total Risk Definition
A
Acceptable
L
Low
M
Moderate
H
High
U
Unacceptable
Limited: An event that will have little/
no impact on achieving the business’
objectives.
Moderate: An event with limited impact
on achieving the business’ objectives.
Severe: An event that has significant
impact on achieving the business’
objectives. The organisation will put
targeted actions in place to reduce
the risk.
Very Severe: A future event that,
if it occurs will cause significant
cost increases, revenue losses or
operational/reputational damage and
will lead to redefining the strategy and
objectives.
Catastrophic: A future event that has
the potential to damage the whole
organisation or threaten its existence.
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Corporate Information Financial Statements Strategic Report Governance
The table below includes the principal risks facing Speedy Hire. A description of these risks and their potential impact on Speedy Hire is included as are examples of our key
mitigating controls. The table is split into two sections: controllable and uncontrollable risks. Where it is deemed that the risk is uncontrollable, any mitigations that have been put
in place to reduce any potential impact have been reflected.
Controllable risks
1
VEHICLE OR HEALTH AND SAFETY INCIDENT
ESG Risk:
N
Total Risk Score:
H
Description and potential impact
Failure to maintain high safety standards could lead to the
risk of serious injury, legal action or reputational damage.
Speedy Hire operates in many industries such as
construction, utilities and infrastructure. The business also
commands a large fleet of vehicles.
Mitigation
Health and Safety is fundamental to the Company’s values. Speedy Hire
continues to challenge current ways of thinking to improve risk exposure
in its operations and improve safety performance. An open reporting
culture is fostered with colleagues encouraged to report anything that
they consider to be unsafe. Monthly communications to all colleagues
highlight examples of successfully addressed issues or where there are
lessons to be learned.
Speedy Hire has in place robust health and safety policies and procedures
and is recognised for its industry leading health and safety compliance.
Training is provided to all colleagues with managers expected to
champion safety awareness within Speedy Hire’s culture. We maintain
systems that enable us to hold appropriate industry recognised
accreditations, and this is supported by a specialist software platform
for managing data and reporting in relation to Health, Safety and
Environment.
We have one of the most modern fleets of delivery vehicles in the
sector which encompass all the latest safety standards and beyond to
ensure colleagues, customers and members of the public are safe when
interacting with our fleet.
Key actions undertaken in FY2025
h Workplace transport risk assessments have been undertaken to
identify risks and strengthen preventative controls.
h Safety culture training has been provided for senior leaders and
operational managers throughout the year.
h Project has been undertaken to utilise digital platforms to
communicate safety guidance and information.
2
SIGNIFICANT IT OUTAGE OR DISASTER RECOVERY EVENT
ESG Risk:
N
Total Risk Score:
M
Description and potential impact
A significant IT outage or IT Disaster Recovery event
which results in significant downtime of the business
resulting in reputational damage, lost business and lost
employee hours.
Mitigation
Speedy Hire has critical incident plans in place for all its sites. This is
supported by a documented plan to establish a crisis management
team when events occur that interrupt business. This includes detailed
plans for all critical trading sites and head office support. These plans
are regularly tested by management and any advisory actions raised
implemented on a timely basis.
In addition to this insurance cover is reviewed at regular intervals to
ensure appropriate coverage in the event of a business continuity issue.
Preventative controls, including back-up and recovery procedures,
are in place for key IT systems. Changes to Speedy Hire’s systems are
considered as part of wider change management programmes and
implemented in phases wherever possible.
Key actions undertaken in FY2025
h Key controls in this area are well established and as such ongoing monitoring and updates are undertaken to ensure that the controls are maintained.
SPEEDY HIRE RISK MANAGEMENT CONTINUED
PRINCIPAL RISKS, THEIR IMPACT AND MITIGATION
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64
Controllable risks
5
CYBER ATTACK
ESG Risk:
N
Total Risk Score:
M
Description and potential impact
A cyber attack which results in a threat actor gaining
unauthorised access to data or systems resulting in
significant downtime, loss of Company commercial
information or personal data which could result in
disruption of the business, fines, legal or regulatory
action, and reputational damage and/or loss of public
confidence.
Mitigation
Speedy Hire remains vigilant with regards to cyber security, with
stringent policies surrounding security, user access, and change control
put in place. Mandatory training for employees to raise awareness of
cyber security has been established and completion rates for this are
monitored.
An established Cyber Security Governance Committee, including Board
members, meets quarterly to monitor our control framework and reports
on a routine basis to the Audit & Risk Committee.
Speedy Hire’s IT systems are protected against internal and external
unauthorised access. These protections are tested regularly by an
independent provider. All mobile devices have access restrictions and,
where appropriate, data encryption is applied.
Key actions undertaken in FY2025
h Cyber Essentials Plus accreditation renewal achieved.
h ISO27001 accreditation transitioned to 2022 standard.
h Strengthened IT related controls relating to USB storage,
network access and bring your own device requirements.
h Application whitelisting and ring fencing established on
corporate end points.
h Secure code development testing using enhanced software
tooling has been established.
6
VELOCITY DOES NOT DELIVER ON EXPECTED BENEFITS
ESG Risk:
N
Total Risk Score:
M
Description and potential impact
Velocity does not deliver the level of cost saving and
benefit expected by the business and shareholders
resulting in a fall in share price and loss of expected
benefit and outlay by the business.
Mitigation
A business plan for the transformation programme has been completed
and approved by the Board. Each pillar of the transformation plan has
an Executive Team sponsor and ongoing monitoring of activity and
progress. KPI tracking is in place for each initiative.
Financial business cases are done at programme level and individual
project level. These are updated monthly to track cost and benefit
realisation. These are shared with the Executive Team on a monthly basis.
Key actions undertaken in FY2025
h Overall strategy themes are broken down into individual action plans and regular monitoring established.
h Additional resources identified to support change management with additional training provided to employees.
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Corporate Information Financial Statements Strategic Report Governance
SPEEDY HIRE RISK MANAGEMENT CONTINUED
PRINCIPAL RISKS, THEIR IMPACT AND MITIGATION
Controllable risks
7
FUNDING ARRANGEMENTS
ESG Risk:
N
Total Risk Score:
M
Description and potential impact
Funding arrangements in place are not sufficient,
agreements break down or funds are not available on
a timely basis resulting in a lack of available funds for
ongoing business arrangements or arising opportunities.
Mitigation
The Board has an established Treasury Policy regarding the nature,
amount and maturity of committed funding facilities that should be in
place to support Speedy Hire’s activities.
We have a defined capital allocation policy. This ensures that Speedy
Hire’s capital requirements, forecast, actual financial performance, and
potential sources of finance are reviewed at Board level on a regular
basis in order that its requirements can be managed within
appropriate levels of spare capacity. Compliance with financial covenants
is monitored by the Board on regularly and formally reported on a
quarterly basis under the new financing arrangements.
Subsequent to the year end, the Group secured new financing facilities
of £225m, represented by a £150m revolving credit facility ('RCF') and a
£75m private placement term loan. The RCF is in place through to April
2028, with uncommitted extension options for a further two years. The
private placement term loan is in place through to April 2032.
Key actions undertaken in FY2025
h Additional controls and approval procedures for ‘out of the ordinary’ and unbudgeted spend have been reviewed and strengthened.
8
CLIMATE CHANGE
ESG Risk:
Y
Total Risk Score:
M
Description and potential impact
Climate-related risks may materialise and cause a wide
range of adverse impacts to Speedy Hire over the short,
medium and long term. The severity of any impact would
vary depending on the climate scenario and a range of
local and macro factors.
Mitigation
Speedy Hire regularly identifies its most material climate-related
responsibilities and challenges in order to target investment and drive
effective mitigation. Governance is led by the Board, which receives
regular reports on the most material climate risks and opportunities, the
action taken, and the progress made.
Environment and Social Governance ('ESG') policies and procedures
are in place regarding the need to adhere to local laws and regulations.
As part of this, carbon emissions are monitored, reported and where
possible mitigated by decarbonisation actions. In addition, procurement
policies determine Speedy Hire’s strategic direction for the latest
available emissions management and fuel efficiency from our purchases.
To do this Speedy Hire collaborates with key suppliers to develop and
pilot new technologies. Speedy Hire also has a plan in place to transition
to lower carbon vehicles and properties. This information is found on the
Speedy Hire Net Zero Roadmap.
We review all climate change-related risks and opportunities, annually,
holding discussions with key stakeholders across the business to
identify mitigation measures and management responses. Further
details in relation to sustainability and climate change are detailed in the
Taskforce for Climate-Related Financial Disclosures (‘TCFD’) section of
this report on pages 43 to 52.
Key actions undertaken in FY2025
h Governance Arrangements for ESG have been established with
regular committee meetings being held during the year.
h Additional processes and controls have been put in place to ensure
our Scope 1, 2 and 3 emissions data is accurately reported.
h Sustainability workshops have been held to further
knowledge and understating across the Company.
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66
Controllable risks
9
FUTURE OF ENERGY GENERATION
ESG Risk:
Y
Total Risk Score:
M
Description and potential impact
An inability to effectively diversify into alternative fuels
and energy sources impacts Speedy Hire’s ability to
sufficiently evolve our core service provisions to move
with future developments. This may result in the loss
of key product lines and impact Speedy Hire’s ability to
continue to grow which impacts investor confidence.
Mitigation
Speedy Hire looks to champion new energy sources and offer assets
with diversified fuel and power provisions. Investment is being made
into assets utilising alternative fuel sources and consideration is
given to emerging markets and technologies. We track market trends
and emerging technologies to be aware of fuel alternatives. Regular
customer engagement ensures we align with sustainability priorities and
highlight the carbon and cost benefits of eco-products. Our Investment
Committee’s roadmap prioritises low-carbon technologies, sustainable
fuels, and the phased divestment of carbon-intensive products.
Collaboration with key suppliers also drives innovation, ensuring we
deliver low-carbon solutions that meet customer expectations while
supporting sustainability and long-term growth.
To quantify the risk to revenue in the inability to move to alternate fuel
sources for products, our TCFD modelling now includes a quantitative
disclosure methodology. We now track our top ten customers appetite
for alternative product fuel sources in two categories (tower lights and
generators). Through the tracking of their SBT’s, net zero targets in scope
1, we have identified within these two product discount groups what
procurement strategy Speedy Hire must align to and over what timeline
Speedy will see the largest demand in these alternative fuel sources.
Key actions undertaken in FY2025
h Opportunities identified for further use of HVO fuel.
h Continued to strengthen relationships through key suppliers and partnerships to invest in new technologies.
10
COMPETITOR RISK - LOSS OF MARKET SHARE
ESG Risk:
N
Total Risk Score:
M
Description and potential impact
Loss of significant contracts or market share to
competitors resulting in reduced revenues and loss of
investor confidence which may affect share price.
Mitigation
Speedy Hire monitors its competitive position closely, to ensure that it
can offer customers the best solutions. Speedy Hire provides a broad
product offering supplemented by our rehire division.
Market share is monitored, and our activity measured against that of
our competition allowing us to adapt in line with market changes. The
performance of major accounts is monitored against forecasts, strength
of client future order books and individual requirements with a view to
ensuring that the opportunities for Speedy Hire are maximised.
Key actions undertaken in FY2025
h Continued monitoring of key products, customers and competitors.
h Continued implementation of Transformation projects to continue to improve our service offering.
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SPEEDY HIRE RISK MANAGEMENT CONTINUED
PRINCIPAL RISKS, THEIR IMPACT AND MITIGATION
Controllable risks
11
LOSS OF A MAJOR SPEEDY HIRE SITE
ESG Risk:
N
Total Risk Score:
M
Description and potential impact
A major site (e.g. RSC+ or NSC) is not operational for
a significant period of time resulting in loss of revenue,
equipment and/or reputation.
Mitigation
Speedy Hire recognises the importance of robust operational resilience
capabilities and has established Business Continuity Plans and
processes which have been tested and are reviewed on an ongoing
basis. For key operational sites impact assessments are undertaken and
have been completed on NSCs and our Head Office.
To assess our resilience, incident scenario testing has been undertaken
with third parties to ascertain readiness and the robust nature of our
plans. The findings of these reviews have been used to further develop
our response plans.
A crisis management team is in place with testing of crisis management
response reviewed through workshops.
Key actions undertaken in FY2025
h Training delivered to depot and regional managers for key and high-risk locations.
12
LOSS OF TALENT
ESG Risk:
N
Total Risk Score:
M
Description and potential impact
Speedy Hire aims to ensure the appropriate talent is in
place to support the existing and future growth of the
business.
Failure to attract, develop and retain the necessary
high-performing colleagues could adversely impact
financial performance and achieving the business’ future
strategies and objectives.
Mitigation
There is a People Strategy in place which is being delivered through
our People First programme. This programme is informed by workforce
planning and includes: the skills framework; career pathways and
development of our workforce to meet future skills requirements; focus on
reinforcing our leadership capability; enhancements to our ability to attract
talent; investment in early careers; engagement and reward strategies to
improve retention; and building better career development opportunities
and support for our employees. This includes targets to improve our
diversity, equity and inclusivity (including ability) which are designed to
attract individuals with the best talent from across the population.
Speedy Hire provides well-structured and competitive reward and
benefit packages that ensure our ability to attract and retain employees.
Talent and succession planning aims to identify high performers with
potential within Speedy Hire and is formally reviewed on an annual basis
by the Nomination Committee, focusing on both short and long-term
successors for the key roles within Speedy Hire. We actively consider
promotion opportunities in preference to external hiring where possible.
We also have a number of wellbeing initiatives provided by internal
and external partners to ensure we offer appropriate support to all
colleagues.
Key actions undertaken in FY2025
h Continuous Performance Management Framework developed.
h Skills frameworks and new career pathways rollout started.
h Change Leadership Programme completed with the senior leadership team.
h ‘Managing your Team Through Change’ training for managers and team leaders has been rolled out
across Speedy Hire.
h Introduction of Women in Leadership Apprenticeships providing development to empower
our female colleagues across Speedy Hire and Leadership Pathway Apprenticeships for the
development of aspiring middle and senior managers.
h 24-month core skills development programme for graduates across Speedy Hire.
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Uncontrollable risks
3
MARKET AND ECONOMIC CONDITIONS
ESG Risk:
N
Total Risk Score:
M
Description and potential impact
Serious downturn in economic and market conditions
significantly impacts the volume of sales, ongoing
business and orders resulting in a contraction of the
market and lower revenues.
Mitigation
Speedy Hire assesses any changes in private sector spending as part
of its wider market analysis. The impact on Speedy Hire of any such
change is assessed as part of the ongoing financial and operational
budgeting and forecasting process.
Our strategy is to develop a differentiated proposition in our chosen
markets and to ensure that we are well positioned with clients and
contractors. The Board oversees the importance of strategic clarity and
alignment, which is seen as essential for the setting and execution of
priorities, including resource allocation.
We have disciplined cost control measures, taking decisive action
during the year where required whilst ensuring we adequately invest in
our transformation strategy and monitor implementation.
4
GOVERNMENT POLICY
ESG Risk:
N
Total Risk Score:
M
Description and potential impact
Changes in government policy negatively impact Speedy
Hire’s business, personnel and operations resulting in
increased costs and reduced margins.
The Government cancels major schemes, e.g. HS2 which
impact confidence of investors and shareholders resulting
in Speedy Hire not achieving growth targets or aspects of
the Velocity strategy, and reduction in share price.
Mitigation
Speedy Hire assesses changes in Government policy and spending as
part of its wider market analysis. The impact on Speedy Hire of any such
change is assessed as part of the ongoing financial and operational
budgeting and forecasting process.
Speedy Hire Plc Annual Report and Accounts 2025
69
Corporate Information Financial Statements Strategic Report Governance
VIABILITY STATEMENT
The Group operates an annual planning process
which includes a multi-year strategic plan and a
one year financial budget. These plans, and risks
to their achievement, are reviewed by the Board
as part of its strategy review and budget approval
processes. The Board has evaluated the Group’s
current position and outlook and has considered
the impact of the principal risks to the Group’s
business model, performance, solvency and
liquidity as set out above.
The Directors have determined that three years
is an appropriate period over which to assess
the Viability Statement. Whilst the strategic plan
is based on detailed action plans developed
by the Group with specific initiatives and
accountabilities, there is inherently less certainty
in the projections beyond year three in the plan.
The Group secured new financing facilities
of £225m after the year end, represented by
a £150m revolving credit facility (‘RCF’) and a
£75m private placement term loan. The RCF is in
place through to April 2028, with uncommitted
extension options for a further two years, and the
private placement term loan is in place through to
April 2032. The strategic plan assumes the facility
will be extended to meet the Group’s investment
strategies.
In making this statement, the Directors have
considered the resilience of the Group, its current
position, the principal risks facing the business
in distressed but reasonable scenarios and the
effectiveness of any mitigating actions. Scenario
analysis has been performed which considers
a manifestation of the principal risks that could
directly impact the Group’s trading performance
including, but not limited to, Market and
economic conditions and Velocity not delivering
expected benefits.
The analysis assumes a significant reduction
in revenue growth versus that included in the
strategic plan, while maintaining a similar cost
base. The Group is able to respond to downturns
in trading and take mitigating actions to preserve
liquidity and profitability throughout the viability
period. Mitigations applied in the scenario
analysis include a reduction in planned capital
expenditure and restrictions on significant
overhead growth. In more severe scenarios, the
Group is able to take further capital and cost
saving measures to preserve its financial position.
Based on this assessment, the Directors have
a reasonable expectation that the Company
will be able to continue in operation and meet
its liabilities as they fall due over the period to
March 2028.
The going concern statement and further
information can be found in note 1 of the Financial
Statements.
The Strategic Report on pages 1 to 70 were approved by the Board of Directors on
17 June 2025 and signed on its behalf by:
DAN EVANS
Director
Speedy Hire Plc Annual Report and Accounts 2025
70
Speedy Hire Plc Annual Report and Accounts 2025
71
Financial Statements Corporate Information Financial Statements Governance Strategic Report
BOARD OF DIRECTORS
Appointment to the Board and Committee memberships
Appointed to the Board as Non-Executive Chairman on
1 October 2018. Prior to this appointment David was a
Non-Executive Director from 9 September 2016. He is
also Chairman of the Nomination Committee and has
previously been a member of each of the Audit & Risk,
Nomination and Remuneration Committees.
Appointment to the Board and Committee memberships
Appointed to the Board as Chief Executive on
1 October 2022. Dan is also a member of the
Sustainability Committee.
Experience
David is a commercially focussed and experienced
chairman, corporate financier and turnaround specialist
with experience in public and private companies both in
the UK and internationally. His portfolio career over the
last 20 years has covered a broad range of industries
and has included acting in Executive Chair roles. Most
recently was Executive Chairman of Esken Limited until it
was placed in administration as part of the restructuring
of that business, and founder Chairman of Amber River
Group stepping down in 2024. He has led a number of
successful turnaround and restructuring projects in both
the public and private arenas in addition to holding pro
bono roles. In his previous career David was a senior
corporate finance partner and a UK Executive Board
member of Deloitte LLP.
Experience
Dan joined Speedy Hire in December 2008 and has
developed through the business undertaking a variety
of roles including Regional Director, Contracts Director
and Managing Director UK and Ireland, before his
appointment as Chief Operating Officer in November
2019. Dan is also a Board member of the Supply Chain
Sustainability School.
Skills brought to the Board:
Experienced chairman; strategic advisor; operational
management; governance; private equity and M&A.
Skills brought to the Board:
Operational performance; strategy; leadership and
management; business development; and sustainability.
Appointment to the Board
Appointed to the Board as Chief Financial Officer on
1 July 2023.
Appointment to the Board and Committee memberships
Appointed to the Board in June 2017 as Non-Executive
Director. David is the Senior Independent Director
and a member of the Nomination and Remuneration
Committees. David has previously been a member of the
Audit & Risk Committee.
Experience
On 1 July 2023, Paul was appointed to the Plc Board
as Chief Financial Officer having previously been the
Interim from November 2022. Paul is a Fellow of The
Institute of Chartered Accountants in England and Wales
and Fellow of the Institute of Directors. He has over 25
years’ experience in senior financial roles, including
interim and permanent roles respectively on the main
boards of FTSE-listed companies, Avon Protection Plc
and Chemring Group Plc.
Experience
David is a Director of several private companies.
David has a broad range of industrial experience and
was previously Chief Executive of TDG Plc (now TDG
Limited), a European contract logistics and supply
chain management business, an Executive Director
of Associated British Foods Plc and held a variety of
management roles at United Biscuits.
He was also the Senior Independent Director at John
Menzies Plc, St Modwen Properties Plc and Phoenix IT
Plc, and a Non-Executive Director at Kewill Plc, Victoria
Plc and Troy Income & Growth Trust Plc.
Skills brought to the Board:
Financial management; business development; M&A;
and leading high quality finance teams.
Skills brought to the Board:
Business advisor; leadership and coaching; growth
strategy development and execution; and performance
improvement.
A
Audit & Risk Committee
N
Nomination Committee
R
Remuneration Committee
S
Sustainability Committee
Chair
DAVID SHEARER
Non-Executive Chairman
DAN EVANS
Chief Executive
N
S
PAUL RAYNER
Chief Financial Officer
DAVID GARMAN
Senior Independent Director
N
R
Speedy Hire Plc Annual Report and Accounts 2025
72
Appointment to the Board and Committee memberships
Appointed to the Board in April 2016 as Non-Executive
Director. Rob is Chairman of the Sustainability
Committee and a member of the Audit & Risk and
Remuneration Committees. Rob was previously a
member of the Nomination Committee.
Appointment to the Board and Committee memberships
Appointed to the Board on 1 June 2019 as Non-
Executive Director. Rhian is a member of the Audit &
Risk, Nomination and Sustainability Committees and
has previously been a member of the Remuneration
Committee. Rhian is also the designated Non-Executive
Director for employee engagement.
Experience
Rob is the current CEO of Batt Cables. Operating from
locations across the UK, Europe and the US, Batt Cables
is a value-added importer and distributor of specialist
cable solutions into the wider construction, utilities,
renewables, oil & gas, and rail sectors. Previously, Rob
was the CEO for the National Timber Group (‘NTG’), the
UK’s leading independent value added timber processor,
convertor and distributor. NTG is made up of a number of
market leading brands providing specialist timber-related
solutions to the construction industry. He was formerly the
Managing Director UK, Ireland and Middle East of SIG Plc,
a market leading supplier of specialist insulation-related
and roofing products to the building and construction
industry between January 2013 and March 2018. Rob
joined SIG in 1997 and held various senior management
roles within the business including Managing Director of
SIG Distribution. Prior to joining SIG, Rob was a Regional
Manager for a global wood products company based in
New Zealand, from where he originates.
Experience
Rhian is currently Chief Commercial Officer at
J Sainsbury Plc, having previously held the position of
Director of Fresh Foods. Prior to joining Sainsbury’s
she worked at Screwfix Direct, a Kingfisher Plc Group
company, as Customer and Digital Director having
previously held the position of Commercial Director.
Prior to Screwfix, Rhian was Director of UK Trading
at eBay, held various positions with J Sainsbury Plc
(including Business Unit Director and Head of Online
Merchandising) and was a Category Manager and Head
of Online Marketing at Homebase.
Skills brought to the Board:
Strategy; construction sector knowledge and experience;
customer insight; and international sales.
Skills brought to the Board:
Commercial; digital trading; transformation;
sustainability and construction sector knowledge.
Appointment to the Board and Committee memberships
Appointed to the Board on 1 February 2021 as Non-
Executive Director. Shatish is Chairman of the Audit
& Risk Committee and a member of the Nomination
Committee.
Appointment to the Board and Committee memberships
Appointed to the Board on 1 June 2021 as Non-Executive
Director. Carol is Chair of the Remuneration Committee.
Experience
Shatish is currently Senior Independent Director and
Audit Committee Chairman of Renew Holdings Plc and a
Non-Executive Director and Audit Committee Chairman
of SIG Plc and Genuit Group Plc. He is also a Trustee
and Chair of UNICEF UK, the children’s charity. Shatish
has over 25 years’ experience in senior public company
finance roles across various sectors, including building
materials, general industrial and business services. He
was Chief Financial Officer of Forterra Plc from 2015
to 2019, during which the company successfully listed
on the Main Market in London. Prior to this, he was
CFO at TT Electronics Plc and has also been alternate
Non-Executive Director of Camelot Group Plc and Public
Member at Network Rail Plc. Shatish is a Fellow of the
Institute of Chartered Accountants in England and Wales
and has extensive international experience including as
regional CFO based in South America.
Experience
Carol has over 20 years’ experience working in
senior public company human resource roles across
construction and retail sectors, including as Group HR
Director for Travis Perkins Plc from 2007 to 2020. At
Travis Perkins, Carol’s responsibilities extended across
all of the Group’s 10 businesses at that time, including
Travis Perkins and Toolhire, and also the Wickes and
Toolstation brands. She was Executive Chair for the
Tile Giant business unit from 2018. Her Non-Executive
Director experience began in the Financial Services
sector with Leeds Building Society where she was
a member of the Remuneration Committee. Other
previous Non-Executive Director experience includes
Verona Stone, a tile procurement and supply business
and ScS Group Plc where Carol was also Chair of the
Remuneration Committee. She recently joined Stark
Group in an organisation change and transformation
role to support the turnaround of their UK merchant
businesses acquired by CVC from St Gobain in 2023.
Skills brought to the Board:
Financial management; M&A; strategy development;
international experience; and construction sector
knowledge.
Skills brought to the Board:
Human resources; remuneration expertise, and reward
expertise; talent and succession planning; organisation
change and transformation; and construction sector
knowledge and experience.
ROB BARCLAY
Independent
Non-Executive Director
RHIAN BARTLETT
Independent
Non-Executive Director
A
R
S
A
N
S
SHATISH DASANI
Independent
Non-Executive Director
CAROL KAVANAGH
Independent
Non-Executive Director
A
N
R
Speedy Hire Plc Annual Report and Accounts 2025
73
Financial Statements
Governance
Corporate Information
Strategic Report
CHAIRMAN’S LETTER TO SHAREHOLDERS
DAVID SHEARER
Chairman
Dear shareholder,
On behalf of the Board, I am pleased to present
the Governance Report for FY2025. This section
of the Annual Report highlights the Company’s
corporate governance processes (alongside the
work of the Board and Board Committees).
The Board continues to uphold a high standard of
corporate governance and in the following pages
of the Governance Report, we detail and I am
pleased to confirm the Company’s full compliance
with the provisions set out in the UK Corporate
Governance Code 2018 (‘Code’).
During the year the Board and its Committees
have continued to work with and support
management in ensuring the right frameworks,
controls, incentives, and reporting are in
place and evolve, as we progress through the
transformation plan that underpins our Velocity
growth strategy.
The Board and Board Committee evaluations
were undertaken internally and led by our Senior
Independent Director, David Garman. I was
pleased the findings overall continue to indicate
that the Board and its Committees remain
effective and work well together. The process
followed and outcomes are reported on page 79.
Board succession has been a focus area as
several Non-Executive Directors approach
the end of their usual terms of office. Rob
Barclay is not standing for re-election at the
2025 Annual General Meeting (‘AGM’) and it
has been decided not to recruit a replacement
at this time, to maintain a smaller Board and
co-ordinate recruitment around David Garman
stepping down, which is expected in late 2026.
In anticipation of that change and to facilitate a
smooth transition Rhian Bartlett will assume the
role of Senior Independent Director immediately
after the AGM. I would like to thank Rob for his
commitment and contribution across the years.
The Board remains committed to increasing
diversity on the Board and the Company’s
objective to comply with the Listing Rules in the
area for gender diversity, which will continue to
be a consideration of the Nomination Committee
in all recruitment processes.
In accordance with the Corporate Governance
Code and the Company’s Articles of Association,
all Directors serving at the time of the Annual
General Meeting will be submitting themselves
for re-election, with the exception of Rob Barclay
as discussed above.
The Annual General Meeting will be held at
the offices of Addleshaw Goddard LLP, Milton
Gate, 60 Chiswell Street, London, EC1Y 4AG on
4 September 2025 at 11:00am and I would like to
invite our shareholders to attend.
DAVID SHEARER
Chairman
Speedy Hire Plc Annual Report and Accounts 2025
74
CORPORATE GOVERNANCE
Governance progress
During the year the Company continued to
build upon its governance practices, in light of
the UK Corporate Governance Code 2018 and
taking into account relevant actions from the
internal Board evaluation in FY2025, to ensure
they remain in line with developing best practice
and are suitable for a company of its size. This
included consideration of any changes necessary
to ensure the Company will fully comply with
the new UK Corporate Governance Code
2024, which the Company will report against
for FY2026, and planning for the enhanced
reporting requirements under Provision 29 of that
Code, which the Company will report against
for FY2027. The Audit & Risk Committee is
overseeing any changes necessary to ensure full
compliance with the latter.
Speedy Hire has long been committed to
sustainable growth and recognises the increasing
stakeholder focus on climate change and the
related environmental, social and governance
considerations within its business. The
Sustainability Committee has continued to assist
the Board in its oversight of the Company’s
ESG strategy and support the Board on all
sustainability matters. This includes supporting
the Board’s ongoing evaluation of environmental
risks and reporting under the Taskforce for
Climate-Related Financial Disclosures.
UK Corporate Governance Code
compliance
The Board is committed to maintaining high
standards of corporate governance. The Board
first reported its compliance with the Combined
Code in 2004. Since then, other than as explained
in previous annual reports and accounts, it has
complied in full with the Combined Code (now
the UK Corporate Governance Code 2018 (‘the
Code’)) and continued to develop its approach
to corporate governance and the effective
management of risk in the context of an evolving
business. This year the Company is reporting
against the Code. A copy of the Code is available
to view on the website of the Financial Reporting
Council at www.frc.org.uk. Throughout the year
ended 31 March 2025, the Company has been
in full compliance with the provisions set out in
the Code.
Directors
The Board
The Board comprises a Non-Executive Chairman,
two Executive Directors and five independent
Non-Executive Directors. In the year ended
31 March 2025, the Board met nine times across
the annual scheduled programme. The Board
also meets as required on an ad hoc basis to deal
with urgent business, including the consideration
and approval of matters that are reserved to
the Board. The table below lists the Directors’
attendance at the scheduled Board meetings
and Committee meetings during the year ended
31 March 2025.
Directors who are not a member of a Board
Committee may attend meetings at the invitation
of the relevant Committee Chair.
Board and Committee attendance at scheduled meetings
Board (9)
Audit & Risk
Committee (4)
Nomination
Committee (2)
Remuneration
Committee (4)
Sustainability
Committee (3)
Executive Directors
Dan Evans 9/9 0/0 0/0 0/0 3/3
Paul Rayner 9/9 0/0 0/0 0/0 0/0
Non-Executive Directors
David Shearer 9/9 0/0 2/2 0/0 0/0
David Garman 9/9 0/0 2/2 4/4 0/0
Rob Barclay 9/9 4/4 0/0 4/4 3/3
Rhian Bartlett 9/9 4/4 2/2 0/0 3/3
Shatish Dasani 9/9 4/4 2/2 0/0 0/0
Carol Kavanagh 9/9 0/0 0/0 4/4 0/0
The Board has approved a schedule of matters reserved for decision by it. That schedule is available for
inspection at the Company’s registered office and on the Company’s website. The matters reserved for
decision by the Board can be subdivided into a number of key areas including, but not limited to:
h financial reporting (including the approval of interim and final Financial Statements, financial
updates and dividends);
h approving the form and content of the Group’s Annual Report and Financial Statements (following
appropriate recommendations from the Audit & Risk Committee) to ensure that it is fair, balanced
and understandable overall and provides the information necessary for shareholders to assess the
Company’s position and performance, business model and strategy;
h the Group’s finance, banking and capital structure arrangements;
h Group strategy and key transactions (including major acquisitions and disposals);
h Stock Exchange/Listing Authority matters (including the issue of shares, the approval of circulars
and communications to the market);
h approval of the policies and framework in relation to remuneration across the Group (following
appropriate recommendations from the Remuneration Committee);
h oversight of the Group’s risk appetite, risk acceptance and programmes for risk mitigation;
h approval of the Group’s risk management and internal control processes (following appropriate
recommendations from the Audit & Risk Committee);
h approving the Company’s annual Viability Statement;
Speedy Hire Plc Annual Report and Accounts 2025
75
Corporate Information
Governance
Strategic Report
Financial Statements
CORPORATE GOVERNANCE CONTINUED
h the constitution of the Board itself,
including its various Committees, and
succession planning (following appropriate
recommendations from the Nomination
Committee); and
h approving the Group’s policies in relation
to, inter alia, the Group’s Code of Conduct
and whistleblowing, the Bribery Act, the
environment, health and safety and corporate
responsibility.
Matters requiring Board or Committee approval
are generally the subject of a proposal by the
Executive Directors, which is formally submitted to
the Board, together with supporting information,
as part of the Board or Committee papers made
available prior to the relevant meeting. Where
practicable, papers are generally made available
via an electronic platform at least five days in
advance of such meetings, to allow proper time for
review and ensure the best use of the Directors’
time. The implementation of matters approved
by the Board, particularly in relation to matters
such as significant acquisitions or other material
projects, sometimes includes the establishment
of a sub-committee including at least one Non-
Executive Director, where relevant.
Chairman and Chief Executive
The posts of Chairman and Chief Executive are
held by David Shearer and Dan Evans, respectively.
A statement as to the division of the
responsibilities between the Chairman and Chief
Executive is available on the Company’s website.
The Board considered that the Chairman, on his
appointment, met the independence criteria set
out in Provision 10 of the Code. The Board has an
established policy that the Chief Executive should
not go on to become Chair.
Board balance and independence
The Board currently comprises the Chairman,
two Executive Directors and five independent
Non-Executive Directors: David Garman, Rob
Barclay, Rhian Bartlett, Shatish Dasani and Carol
Kavanagh. The five Non-Executive Directors bring
a strong and independent non-executive element
to the Board. The Senior Independent Director
is David Garman. The number and respective
experience of the independent Non-Executive
Directors, details of which are set out on pages
72 and 73, clearly indicates that their views carry
appropriate weight in the Board’s decisions. The
Board considers that each of David Garman, Rob
Barclay, Rhian Bartlett, Shatish Dasani and Carol
Kavanagh are independent on the basis of the
criteria specified in Provision 10 of the Code and
are free from any business or other relationship
which could materially interfere with the exercise
of their independent judgement.
Board Committees
The Audit & Risk Committee is chaired by Shatish
Dasani. Its other members are Rob Barclay and
Rhian Bartlett. Details of its activities during the
year are detailed in the Audit & Risk Committee
Report on pages 81 to 85.
The Remuneration Committee is chaired by
Carol Kavanagh. The other members are David
Garman and Rob Barclay. The Committee Chair’s
Statement, Directors’ Remuneration Policy and
Directors’ Remuneration Report are on pages 88
to 105.
The Nomination Committee is chaired by
David Shearer. The other members are David
Garman, Rhian Bartlett and Shatish Dasani. The
Committee therefore satisfies the requirement
of Provision 17 of the Code that a majority of its
members are to be independent Non-Executive
Directors. The report on the activities of the
Committee is contained on pages 86 to 87.
The Sustainability Committee is chaired by Rob
Barclay. The other members are Rhian Bartlett
and Dan Evans. A report of the Committee’s
activities is contained on page 106.
The Chairman and other Non-Executive Directors
meet at least twice a year without the Executive
Directors present. In addition, the Chairman
regularly briefs the other Non-Executive Directors
on relevant developments regarding the
Company as necessary. The Senior Independent
Director and the other Non-Executive Directors
meet at least twice a year without the Chairman
present, and also undertake an annual appraisal
of the Chairman’s performance as part of the
Board annual appraisal process.
The minutes of all meetings of the Board and
each Committee are taken by the Company
Secretary or Assistant Company Secretary. In
addition to constituting a record of decisions
taken, the minutes reflect questions raised by the
Directors relating to the Company’s businesses
and, in particular, issues raised from the reports
included in the Board or Committee papers
circulated prior to the relevant meeting. Any
unresolved concerns are recorded in the minutes.
On resignation, written concerns (if any) provided
by an outgoing Non-Executive Director are
circulated by the Chairman to the remaining
members of the Board.
Appropriate Directors’ and Officers’ insurance
cover is arranged and maintained via the
Company’s insurance brokers, Marsh Ltd, and is
reviewed annually.
The Companies Act 2006 allows non-conflicted
directors of public companies to authorise a
situation in which a director has, or could have,
a direct or indirect interest that conflicts, or
possibly may conflict, with the interests of the
company, where the Articles of Association
contain a provision to that effect. The Company’s
Articles of Association give the Board authority
to authorise matters which may otherwise result
in the Directors breaching their duty to avoid a
conflict of interest. Directors who have an interest
in matters under discussion at a Board meeting
must declare that interest and abstain from
voting. Only Directors who have no interest in the
matter being considered are able to approve a
conflict of interest and, in taking that decision, the
Directors must act in a way they consider, in good
faith, would be most likely to promote the success
of the Company. The Directors are able to impose
limits or conditions when giving authorisation
if they feel this is appropriate. Any conflicts
considered by the Board and any authorisations
given are recorded in the Board minutes and
in the register of conflicts which is reviewed
annually by the Board. The Board considers that
its procedures to approve conflicts of interest
and potential conflicts of interest are operating
effectively.
The Board is both balanced and diverse in
respect of its experience and skills. The Board
remains committed to maintaining and building
on matters relating to diversity, equity and
inclusion and encouraging that within senior
management levels as recruitment opportunities
arise. Any succession planning for the Board
recognises this and matters relating to diversity,
equity and inclusion in all its aspects is
considered in the shortlisting of candidates.
Speedy Hire Plc Annual Report and Accounts 2025
76
Appointments to the Board
The Board has established a Nomination
Committee. The terms of reference of the
Nomination Committee are published on the
Company’s website. The Committee meets
formally as necessary, but at least twice a year.
Its activities are set out in more detail in the
Nomination Committee Report on pages 86 to
87. The principal functions of the Nomination
Committee are to consider and review the
structure and composition of the Board and
membership of Board Committees. It also
considers candidates for Board nomination
including job description, election and re-election
to the Board for those candidates standing for
election or annual re-election at the Annual
General Meeting and succession planning
generally, plus ensuring a diverse pipeline.
A specification for the role of Chairman, including
anticipated time commitment, is included as
part of the written statement of division of
responsibilities between the Chairman and
Chief Executive. Details of the Chairman’s other
material commitments are set out on page 72
having been disclosed to the Board in advance
and included in a register of the same maintained
by the Company Secretary.
The terms and conditions of appointment of
all the Non-Executive Directors, and those of
the Chairman, are available for inspection at
the Company’s registered office during normal
business hours. Each letter of appointment
specifies the anticipated level of time
commitment including, where relevant, additional
responsibilities derived from involvement with
the Audit & Risk, Remuneration, Nomination
or Sustainability Committees. Details of other
material commitments are disclosed to the Board
and a register of the same is maintained by the
Company Secretary.
No Director is a Non-Executive Director or Chair
of a FTSE 100 company.
Diversity, equity, and inclusion
The value of diversity, equity and inclusion (‘DEI’)
in the way we operate is strongly recognised and
encouraged in the composition and culture of the
Board, Board Committees, senior management as
well as the wider workforce.
Underpinning the importance of DEI, we are
pleased to report that as at 31 March 2025 our
eight-member Board includes two women
and a Board member from a minority ethnic
background, the latter complying with the Listing
Rules and Parker Review recommendation.
As reported in the Chairman’s statement, Rob
Barclay is stepping down from the Board after the
Annual General Meeting in September 2025 and
he will not be replaced. In addition, Rhian Bartlett
will assume the role of Senior Independent
Director with effect from the AGM this year.
These events will improve the gender diversity
of the Board generally and amongst the senior
Board positions
1
, enabling the Company to meet
the Listing Rule requirements in respect of the
latter. For further information regarding Board
succession please see the Nomination Committee
Report at pages 86 to 87.
In line with the objective to increase gender
diversity across all areas of our business,
including the Board and senior management
levels, future recruitment opportunities will
consider this when they arise as detailed below.
The Board is working hard to seek to overcome
any challenges resulting from the under-
representation of women, as well as those
from a minority ethnic background, within the
construction industry and remains committed to
reaching the Listing Rules target of not less than
40% female composition on the Board.
When recruitment opportunities arise on the
Board and its Committees, the recruitment
process and Recruitment, Selection and Equal
Opportunities Policy will be followed, additional
details of which can be found in the Including
everyone section of the Strategic Report reported
on pages 39 to 40. The Board will always prioritise
appointing the best candidate, ensuring that the
Board and its Committees have a sufficient range
of experience and expertise, to maximise Board
effectiveness, whilst at all times considering the
targets detailed within the Listing Rules and
Disclosure Guidance and Transparency Rules
regarding gender/gender identity and minority
ethnic background representation. The Board also
recognises that diversity can take many forms,
including gender, ethnic and social background
as well as personal, behavioural, and cognitive
strengths; accordingly, the Board understand and
appreciate that diversity at Board and Committee
level and throughout the Company is a valuable
strength.
Numerical data disclosure obligations as at 31 March 2025:
Gender identity/sex
Number of
Board members
Percentage of
the Board
Number of
senior positions
on the Board
(CEO, CFO, SID
and Chair)
Number in
executive
management
1
Percentage
of executive
management
1
Men 6 75.0% 4 7 7 7.8%
Women 2 25.0% 0 2 22.2%
Not specified – – – – –
1
Reference to ‘executive management’ is to the Company’s Executive Team.
1
Chair, CEO, Senior Independent Director (‘SID’)
or CFO.
Speedy Hire Plc Annual Report and Accounts 2025
77
Corporate Information
Financial Statements
Governance
Strategic Report
CORPORATE GOVERNANCE CONTINUED
The approach to collecting the data used for the purposes of making the disclosures detailed above
consisted of each Board and Executive Team member anonymously self-reporting their gender/gender
identity and their ethnic diversity as at 31 March 2025. The results are based on a 100% return rate.
As reported above, with effect from the AGM this year, gender diversity at Board level will increase as
follows:
Gender identity/sex
Number of
Board members
Percentage of
the Board
Number of
senior positions
on the Board
(CEO, CFO, SID
and Chair)
Men 5 71.4% 3
Women 2 28.6% 1
Not specified – – –
Speedy Hire’s DEI position
A benchmark review of Speedy Hire’s DEI position was undertaken against a recent diversity survey
completed by the Supply Chain Sustainability School (the Diversity Survey)
1
which included input from
over 589 companies and 453,624 employees within the construction sector.
Female
gender
Diverse
ethnicity Disability LGBTQIA+ Age 16-25 Age 50-65
Speedy Hire
2
21.7% 8.3% 3.1% 6.8% 9.8% 35.8%
Diversity Survey
1
24.6% 12.4% 2.9% 2.5% 7.3% 30.1%
Diversity Survey (Tier 2)
3
19.0% 7.1% 1.6% 1.1% – –
1
Supply Chain Sustainability School’s survey relating to Equality, Diversity & Inclusion, published in January 2025.
Speedy Hire contributed as a Tier 1 supply chain partner.
2
Figures taken from Speedy Hire’s internal DEI report as at 31 March 2025.
3
Segregated data from within the Diversity Survey for Tier 2 organisations only. (Data relating to age was not
segregated for Tier 2 organisations.)
Ethnic background
Number of
Board members
Percentage of
the Board
Number of
senior positions
on the Board
(CEO, CFO, SID
and Chair)
Number in
executive
management
1
Percentage
of executive
management
1
White British or other
White (including minority
white groups) 7 87.5% 4 8 88.9%
Mixed/Multiple Ethnic Groups – – – – –
Asian/Asian British 1 12.5% – 1 11.1%
Black/African/Caribbean/
Black British – – – – –
Other ethnic group,
including Arab – – – – –
Not specified/prefer not to say – – – – –
1
Reference to ‘executive management’ is to the Company’s Executive Team.
Speedy Hire’s DEI strategy
The overriding objective of Speedy Hire’s DEI Policy is to ensure that the Board, its Committees and
Executive Team comprise outstanding individuals who can lead the business effectively in a manner
aligned to Speedy Hire’s vision, mission and values. Candidates are recruited regardless of age, gender,
ethnicity, sexual orientation, disability, or educational, professional and socioeconomic backgrounds,
however the Board will at all times consider on such appointments the targets detailed within the
Listing Rules and Disclosure Guidance and Transparency Rules regarding gender/gender identity and
minority ethnic background representation.
The Board appreciates and is committed to ensuring that it delivers on Speedy Hire’s DEI strategy,
including increasing female and ethnic representation where appropriate. Details of the Group’s
approaches and initiatives to help achieve its DEI strategy can be found within the Including everyone
section of the ESG Report from page 39.
The Board regularly reviews progress under Speedy Hire’s DEI strategy and the underlying work and
achievement in order to improve its DEI position and provide the basis for further progress.
Information and professional development
Before each scheduled Board meeting all Directors receive reports from the Chief Executive and Chief
Financial Officer on results, key issues and strategy. Additionally, these reports (and, where relevant,
additional reports from senior executives) address key matters concerning the Company’s strategy,
customers, suppliers, investors, employees, regulators and the environment. During Board meetings, the
Non-Executive Directors regularly make further enquiries of the Executive Directors and seek further
information which is provided either at the relevant meeting or subsequently. This information and any
related reports (provided either before or after meetings) are considered in the Board’s discussions and
in its decision-making process when having regard to Section 172 of the Companies Act 2006.
The Board recognises the importance of tailored induction training on joining the Board and ongoing
training and education, particularly regarding new laws and regulations which relate to or affect
Speedy Hire Plc Annual Report and Accounts 2025
78
the Group. Such training and education is
obtained by the Directors individually through
the Company, including briefings from external
advisors, through other companies of which they
are Directors or through associated professional
firms or as members of their professional bodies.
Procedures are in place to enable Directors
to take independent professional advice, if
necessary, at the Company’s expense, in the
furtherance of their duties. The procedure to
enable such advice to be obtained is available for
inspection on the Company’s website.
All Directors have access to the advice and
services of the Company Secretary, whose role
is to ensure that information is received by the
Board in a timely manner, all procedures are
followed and applicable rules and regulations are
complied with. The appointment or removal of
the Company Secretary is a matter specifically
reserved for decision by the Board.
Performance evaluation
Board evaluations are performed annually,
conducted internally and were led by the Senior
Independent Director. Each of the Directors
complete a confidential evaluation questionnaire
and the results were reviewed by the Senior
Independent Director in a one-to-one meeting
individually. The Senior Independent Director then
presents his findings to the Board for discussion
led by the Chairman. During the year the one-to-
one sessions with Senior Independent Director
and Directors were open and constructive with
good alignment generally amongst Directors on
views and matters raised for consideration on the
evaluation questionnaire and during discussion.
The findings overall were that the Board and its
Committee continued to perform effectively, with
meetings continuing to be well managed and
providing good opportunity for discussion and
challenge. Progress had been made in completing
the actions from the last evaluation, which would
be completed alongside new key actions from
the evaluation which included: increased focus
on emerging risks that may affect the business;
building on the solid financial reporting to the
Board, allowing for additional meeting time to
focus on opportunities and risks that may affect
future performance; quarterly review of progress
under the Velocity transformation programme;
and Board succession planning as several
Directors approach the end of their normal terms
of office. Progress against the actions will be
reviewed mid-year.
The Chairman reviewed the performance and
development needs of each of the Executive and
Non-Executive Directors in one-to-one meetings.
The Non-Executive Directors, led by the Senior
Independent Director conducted an evaluation
of the Chairman, and the Senior Independent
Director discussed the results of that assessment
with the Chairman. No actions were considered
necessary as a result of these evaluations,
and the Board is satisfied with the Chairman’s
commitment and performance.
Re-election
Pursuant to the Code and under the Company’s
Articles of Association, all Directors must submit
to annual re-election (or where they are a new
Director appointed to the Board since the last
Annual General Meeting they will retire and
seek election) at each Annual General Meeting.
Biographical details of all the Directors, including
respective experience, are included on pages 72
to 73 in order to enable shareholders to take an
informed decision on any election/re-election
resolution. The letters of appointment of each of
the Non-Executive Directors and the Chairman
confirm that appointments are for specified terms
and that reappointment is not automatic.
Directors’ remuneration
The performance-related elements of the
remuneration of the Executive Directors form
a significant proportion of their potential total
remuneration packages. The performance-related
schemes in which the Executive Directors are
entitled to participate are set out in more detail in
the Remuneration Report on pages 88 to 105. The
Remuneration Committee, with the advice of FIT
Remuneration Consultants LLP (‘FIT’), reviews
the Company’s Remuneration Policy on a regular
basis including the design of performance-related
remuneration schemes. Such performance-related
elements have been designed with a view to
aligning the interests of the Executive Directors
with those of shareholders and to incentivise
performance at the highest level.
The service contracts for Dan Evans and Paul
Rayner provide for termination by the Company
on 12 months’ and 9 months’ notice respectively.
It is the Company’s current policy that notice
periods on termination of Directors’ contracts
should not exceed 12 months.
The policy of the Board is that the remuneration
of the Non-Executive Directors should be
consistent with the levels of remuneration paid
by companies of a similar size. The levels of
remuneration also reflect the time commitment
and responsibilities of each role, including the
office of Chair of Board Committees. It is the
policy of the Board that remuneration for Non-
Executive Directors should not include share
options or any other share-based incentives.
The remuneration of the Non-Executive Chairman
is dealt with by the Remuneration Committee
and details are reported in the Directors’
Remuneration Report. The remuneration of
other Non-Executive Directors is dealt with by a
Committee of the Board specifically established
for this purpose, normally comprising the Chief
Executive and the Chief Financial Officer, without
the presence of the Non-Executive Directors. The
remuneration of all Non-Executive Directors is
ordinarily reviewed annually. The remuneration of
Non-Executive Directors was reviewed at the end
of FY2025. Further details of the remuneration of
Non-Executive Directors, including the outcome
of the annual review, are set out on page 99.
Procedure
The Remuneration Committee met on four
scheduled occasions during the year, although
additional ad hoc meetings took place during the
year. The terms of reference of the Remuneration
Committee are published on the Company’s
website and are fully compatible with Provision
33 of the Code. The Remuneration Committee
members are Carol Kavanagh (Chair), David
Garman and Rob Barclay who are independent
of management and free from any business or
other relationship which could materially interfere
with the exercise of their independent judgement.
The Company Chairman, Chief Executive, Chief
Financial Officer and Chief People Officer attend
by invitation but are not present for discussions
relating to their own remuneration.
The Remuneration Committee has appointed FIT
to advise it in relation to the design of appropriate
executive remuneration structures. FIT has no
other connection with the Company or any of its
Directors.
Speedy Hire Plc Annual Report and Accounts 2025
79
Corporate Information
Financial Statements
Governance
Strategic Report
CORPORATE GOVERNANCE CONTINUED
The responsibilities of the Remuneration
Committee include setting the Remuneration
Policy, ensuring that remuneration (including
pension rights and compensation payments) and
the terms of service of the Executive Directors
are appropriate and that Executive Directors are
fairly rewarded for the contribution which they
make to the Group’s overall performance. It is
also responsible for the allocation of shares under
long-term incentive arrangements approved by
shareholders and in accordance with agreed
criteria. In addition, it monitors current best
practice in remuneration and related issues. The
Board’s policy is that all new long-term incentive
schemes (as defined in the Listing Rules) and
significant changes to existing schemes should
be specifically approved by shareholders, whilst
recognising that the Remuneration Committee
must have appropriate flexibility to alter the
operation of these arrangements to reflect
changing circumstances. During the year the
shareholders approved the Company’s new PSP
scheme at the 2024 AGM.
A more detailed summary of the work of the
Remuneration Committee during the year and
the Group’s Remuneration Policy, is contained on
pages 88 to 105.
Accountability and audit
Financial reporting
The Directors’ Report and independent auditor’s
report appear on pages 107 to 109 and pages 111
to 119 respectively and comply with Provisions 27
and 30 of the Code.
Audit & Risk Committee and auditors
The Audit & Risk Committee met on four scheduled
occasions during the year. The terms of reference
of the Audit & Risk Committee are published on
the Company’s website. Such terms of reference
comply with Provision 25 of the Code. The
Committee members are Shatish Dasani, Rob
Barclay and Rhian Bartlett who are independent
of management and free from any business or
other relationship which could materially interfere
with the exercise of their independent judgement.
The Chief Executive, Chief Financial Officer, Group
Financial Controller, Head of Risk & Assurance and
the external auditors attend by invitation. The Board
is satisfied that the Chairman of the Audit & Risk
Committee, Shatish Dasani, has appropriate recent
and relevant financial experience and that the
Committee as a whole has competence relevant to
the sector in which the Company operates.
In addition to responsibility for the Group’s
systems of internal control, the Committee is
responsible for reviewing the integrity of the
Company’s accounts, including the half and full-
year results, and recommending their approval to
the Board.
The Committee meets on a regular basis with the
external auditors and internal audit function to
review and discuss issues arising from internal
and external audits and to agree the scope and
planning of future work.
The Audit & Risk Committee has primary
responsibility for making a recommendation on
the appointment, reappointment and removal of
the external auditors. The policy of the Audit &
Risk Committee is to ensure auditor objectivity
and independence is safeguarded at all times.
As further detailed on page 84, the Audit &
Risk Committee considers that the Company’s
auditors are independent.
A more detailed description of the work of the
Audit & Risk Committee during the year is
contained in the separate report of the Committee
on pages 81 to 85.
Internal control
The Board is responsible for the Company’s
internal control procedures and processes and for
reviewing the effectiveness of such systems.
The Board, via the Audit & Risk Committee,
conducts a review, at least annually, of the
Group’s systems of internal control. Such a
review considers all material controls, including
financial, operational and compliance controls
and risk management systems, and accords with
the recommendations contained in the FRC’s
guidance on Risk Management, Internal Control
and Related Financial and Business Reporting
(formerly the Turnbull Guidance). A formal report
is prepared by the Company’s external auditor,
highlighting matters identified in the course of its
statutory audit work, and is reviewed by the Audit
& Risk Committee in the presence of the external
auditor and, by invitation, the Chief Executive,
the Chief Financial Officer, Group Financial
Controller and the Head of Risk and Assurance.
The Committee also considers formal reports
prepared and presented by the internal audit
function. The findings and recommendations of
the Committee are then formally reported to the
Board for detailed consideration.
Relations with shareholders
Dialogue with institutional shareholders
The Chairman, Chief Executive and Chief
Financial Officer give presentations regularly
to analysts and investors, which include the
Company’s half and full-year results. The
Chairman, Chief Executive and Chief Financial
Officer, with assistance from the Company’s
brokers, collate feedback from such presentations
and report the findings to the next meeting of the
Board. The Chairman is also available to discuss
matters with major shareholders in relation
to, inter alia, results, strategy and corporate
governance issues. The Senior Independent
Director, David Garman, is available to attend
meetings with major shareholders in order to
understand their issues and concerns should
the normal communication channels with the
Chairman, Chief Executive or Chief Financial
Officer be considered ineffective or inappropriate.
Constructive use of the Annual General Meeting
The Company’s Annual General Meeting
procedures include, as a matter of course,
specifying the level of proxies lodged on each
resolution and the balance for and against each
resolution and votes withheld. All voting is dealt
with by way of poll. It is also the Company’s policy
to propose a separate resolution at the Annual
General Meeting on each substantive separate
issue, including in relation to the Annual Report and
Accounts and the Directors’ Remuneration Report.
All Committee Chairs will be available for
shareholders’ questions at the Annual General
Meeting.
The Company’s standard procedure is to ensure
that the Notice of Annual General Meeting and
related papers are sent to shareholders at least
20 working days before the meeting.
Speedy Hire Plc Annual Report and Accounts 2025
80
AUDIT & RISK COMMITTEE REPORT
THE AUDIT & RISK COMMITTEE PRESENTS ITS REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
Objectives and terms of reference
The Audit & Risk Committee’s key objectives
are to provide oversight and governance over
the effectiveness of the Group’s financial
reporting and internal controls, together with
the procedures for identification, evaluation and
management of key risks. The role of the Audit
& Risk Committee in monitoring the integrity
of the Group’s financial affairs is important to
shareholders and other stakeholders, both
internal and external. Accordingly, the Committee
works closely with management and external
and internal auditors to ensure a best practice
approach to policies and controls. In addition,
a key objective of the Committee is to ensure
all financial reporting is fair, balanced and
understandable.
The Audit & Risk Committee is satisfied that
the Group’s internal and external processes
are robust and appropriately aligned to deliver
good financial reporting and governance. The
Directors confirm that the Board has completed
a robust assessment of the Company’s emerging
and principal risks, including those that would
threaten its business model, future performance,
solvency or liquidity.
The terms of reference of the Audit & Risk
Committee, which include all matters referred
to in the UK Corporate Governance Code, are
reviewed annually by the Committee and changes
proposed to the Board. The current terms of
reference can be found at speedyhire.com/
investors and are also available in hard copy from
the Company Secretary.
Composition of the Audit & Risk
Committee
The Audit & Risk Committee comprises three
Non-Executive Directors: Shatish Dasani
(Chairman), Rob Barclay and Rhian Bartlett. All
members are considered by the Board to be
independent. Biographies of each of the members
of the Audit & Risk Committee are set out on
page 72 and 73.
The Audit & Risk Committee is chaired by Shatish
Dasani, a chartered accountant with over 25
years’ experience in senior public company
finance roles across various sectors, including
building materials, general industrial and business
services. His biography is set out on page 73.
The Board is satisfied that Shatish Dasani has
recent and relevant financial experience, and that
the Committee as a whole has an appropriate
balance of skills, experience, qualifications and
sector-related knowledge.
Attendance
The Audit & Risk Committee’s agenda is linked
to events in the Group’s financial calendar, and
the Committee met on four scheduled occasions
during the year with additional ad hoc meetings as
required. Details of the attendance at Audit & Risk
Committee scheduled meetings are set out below.
Audit & Risk Committee members and meetings
attended during the year:
Shatish Dasani (Chairman)
Non-Executive Director 4/4
Rob Barclay
Non-Executive Director 4/4
Rhian Bartlett
Non-Executive Director 4/4
Operation and responsibilities of the
Audit & Risk Committee
The Company Chairman, Chief Executive and
Chief Financial Officer, together with the external
auditors, the Group Financial Controller and
the Head of Risk and Assurance, are invited to
attend meetings of the Audit & Risk Committee,
although the Committee reserves time for
discussions without any invitees being present.
The external auditors and the Head of Risk and
Assurance meet privately with the Audit & Risk
Committee to advise the Committee of any
matters which they consider should be brought
to their attention without the Executive Directors
present. The external auditors and the Head of
Risk and Assurance may also request a meeting
with the Committee if they consider it necessary.
The Risk and Assurance department carries out
the Group’s internal audit work. The Chair of the
Committee also holds private meetings both with
the Head of Risk and Assurance and the external
auditors on a regular basis.
SHATISH DASANI
Chairman of the Audit & Risk Committee
Speedy Hire Plc Annual Report and Accounts 2025
81
Corporate Information
Financial Statements
Governance
Strategic Report
The Company Secretary acts as secretary to
the Audit & Risk Committee. The members
of the Committee can, where they judge it
necessary to discharge their responsibilities,
obtain independent professional advice at the
Company’s expense.
The Committee undertakes its activities in line
with an annual programme of business. The Audit
& Risk Committee’s principal duties are:
Internal controls and risk
h monitoring the effectiveness and
appropriateness of internal controls;
h evaluating the process for identifying and
managing significant risk in the business;
h considering the effectiveness and resourcing
of the internal audit function;
h determining and directing the scope of the
internal audit programme;
h appointing or replacing the Head of Risk and
Assurance;
h reviewing matters reported through the
Group’s whistleblowing policy; and
h monitoring performance of the Group’s
senior finance personnel and ensuring their
development.
External auditors
h Monitoring the effectiveness of the external
audit process, including recommending
the appointment, re-appointment and
remuneration of the external auditors;
h overseeing the rotation of the lead audit
partner at appropriate junctures;
h considering and, if appropriate, approving
the use of the external auditors for non-audit
work in line with its policy;
h considering the independence of the external
auditors, taking into account: (i) non-audit
work undertaken by them; (ii) feedback
from various stakeholders; and (iii) the
Committee’s own assessment; and
h monitoring and considering the provisions
and recommendations of the UK Corporate
Governance Code in respect of external
auditors. This involves a review of the scope
of the audit, the auditor’s assessment of risk,
appropriateness of materiality and the key
findings.
Financial Statements
h monitoring the integrity of the Group’s Financial
Statements and formal announcements relating
to the Group’s performance;
h reviewing the Company’s Viability Statement,
challenging assumptions made with
management and, if thought appropriate,
recommending this for approval by the Board
and inclusion in the Annual Report and
Financial Statements;
h considering liquidity risk and the use of the
going concern basis for preparing the Group’s
Financial Statements; and
h evaluating the content of the Annual Report
and Financial Statements, to advise the Board
as to whether it may reasonably conclude that
the Annual Report and Financial Statements is
fair, balanced and understandable overall and
provides the information necessary to enable
shareholders to assess the performance,
business model and strategy of the Group.
As part of its annual programme of business,
the Audit & Risk Committee regularly receives
updates from the external auditors as to
emerging accounting standards and reporting
requirements, and members are expected to
participate personally in relevant briefing and
training sessions during the year.
Significant areas considered
during FY2025
During the year, the Audit & Risk Committee
considered and discussed with the external
auditors and management the following items:
h the existence and valuation of itemised and
non-itemised hire equipment, including
control improvements relating to non-
itemised assets;
h the going concern basis for the preparation of
the Financial Statements;
h carrying value of goodwill, intangible assets
and property, plant and equipment;
h non-underlying items; and
h provisions for dilapidations.
The role and response of the Audit & Risk
Committee to these, along with any corresponding
impact on the Group’s Financial Statements, are
discussed in more detail in this report.
Existence and valuation of hire equipment
The hire fleet comprises over two million
individual items; represents the largest asset on
the balance sheet; and underpins the Group’s key
revenue streams.
The control environment surrounding the
management of the hire fleet is critical to
maintaining an up-to-date record of the assets
and ensuring that they are correctly valued
within the Financial Statements. In order to
gain assurance that the control environment is
operating in a satisfactory manner, the Committee
requires internal audit to review the asset
management processes. The summary findings of
these reviews are provided to the Committee.
In addition to considering the appropriateness of
the Group’s depreciation policies, the Committee
reviews the valuation of hire equipment taking
into consideration the track record of the Group
in disposing of hire equipment at close to book
value. This also incorporates a thorough review of
useful economic lives and residual values.
As reported in FY2023, a deficiency in the value
of non-itemised assets was identified resulting in
an adjustment to the balance sheet. For FY2025,
a limitation of scope in the audit opinion reported
by the external auditors remains in relation to the
opening balances of FY2024 only, being the prior
period comparatives reflected in these Financial
Statements.
The Audit & Risk Committee have continued to
ensure that all recommendations and control
improvements from the investigation conducted
following the deficiency have been completed.
The Group carried out full counts in September
and March, in addition to weekly perpetual
inventory counts during the year. The full counts
performed identified no material adjustments
and indicated the implemented processes and
controls were operating effectively.
AUDIT & RISK COMMITTEE REPORT CONTINUED
Speedy Hire Plc Annual Report and Accounts 2025
82
Going concern basis for the preparation
of the Financial Statements
The Group has adopted a going concern basis
for the preparation of the Financial Statements.
Judgement over the future cash flows of the
business (for a period of at least 12 months
from signing these accounts) and the available
headroom from the Group’s borrowing facilities
must be applied in concluding whether to adopt
a going concern basis of preparation. The Audit
& Risk Committee has challenged forecast cash
flows, the assumptions applied to derive the cash
flows and availability of finance from the Group’s
banking facilities.
The Group’s £180m asset based finance facility
was entered into in July 2021. The facility included
quarterly leverage and fixed charge covenant tests
which are only applied if headroom on the facility
falls below £18m. The Group maintained significant
headroom against these measures during the year.
Subsequent to the year end, the Group refinanced
its borrowings, replacing the existing £180m asset
based lending facility which was due to expire in
July 2026. The new facilities of £225m comprise a
£150m revolving credit facility (‘RCF’) and a £75m
private placement term loan.
The RCF has a three-year maturity with options to
extend up to a further two years and the private
placement term loan has a seven-year maturity.
The facilities include quarterly leverage and fixed
charge cover covenant tests.
Based on the expectations of future cash flows
(including the consideration of severe but plausible
downside modelling) and the availability of the
banking facilities, the Audit & Risk Committee has
concluded that the available borrowing facilities
are adequate for both existing and future levels
of business activity. The Committee therefore
considers that it is appropriate to continue to adopt
a going concern basis in the preparation of the
Financial Statements.
Carrying value of goodwill, intangible assets and
property, plant and equipment
The Group tests for impairment at least annually,
considering at each reporting date whether there
are any indicators that impairment may have
occurred. The value-in-use modelling prepared
uses the Group’s future cash flow projections
which applies judgement in arriving at certain
growth and discounting assumptions.
The Committee reviewed the projections and
downside sensitivity analysis prepared by
management and challenged the key assumptions
made. It also discussed with the external auditors
the work carried out by them and their conclusion.
Based on this, the Committee is satisfied that no
impairment is required.
Non-underlying items
Throughout the year, the Group has incurred
significant costs in respect of transformation
and restructuring activities which do not form
part of the underlying cost base of the business.
Work had been completed throughout the year
to determine appropriate treatment of such
spend and in particular which elements of the
transformation costs have been incremental
to the Group and which of those costs should
be treated as capital. All such costs have been
reviewed based on the activity that has taken
place, with regular updates to the Audit & Risk
Committee. Based on the work performed, the
Committee is satisfied that this is appropriate in
line with accounting standards.
Provisions for dilapidations
Dilapidations are assessed at the earliest point,
being the start of the lease or due to an obligating
event. External specialists were engaged in
the prior year to perform a full assessment
of the property portfolio to inform the year-
end provision. The judgements applied to the
provision have been reassessed during FY2025 to
ensure they remain appropriate, taking account of
subsequent settlements.
Work has been continued throughout FY2025
in coordination with the Property team, to assist
with the assessment of the portfolio and sustain
improvement of the control environment.
As a result of the work performed, the Committee
is satisfied that the provisions held for dilapidations
are sufficient and appropriate, in line with
accounting standards.
Internal control and risk management
The Board is responsible for the Group’s system
of internal control and risk management and for
reviewing its effectiveness. The Board is also
responsible for defining the risk appetite of the
Group. The detailed review of internal controls
has been delegated by the Board to the Audit &
Risk Committee.
The Risk and Assurance Department includes
the Group’s internal audit function. The Head of
Risk and Assurance reports to the Board and to
the Audit & Risk Committee. The internal audit
function is involved in the assessment of the
quality of risk management and internal controls.
It helps to promote and develop further effective
risk management in all areas of the business,
including the embedding of risk registers and
risk management procedures within individual
business areas. The Committee receives detailed
reports from the Risk and Assurance Department
at each meeting.
Following a thorough tender process, BDO have
been appointed during the year as a co-sourced
internal audit partner. BDO will conduct internal
audits as part of the approved annual audit plan
and provide specialist support to the Group’s
internal audit function as required.
The Committee has considered the changes
to the UK Corporate Governance Reporting
Requirements. Planning has commenced for the
enhanced reporting requirements in Provision 29
of the UK Corporate Governance Code 2024 and
this will remain a reoccurring agenda item for the
year to come. The Committee will consider the
changes required and the approach that will be
taken to ensure compliance in accordance with
the timeframes in the Code.
The Committee ensured that questionnaires were
circulated to senior management requesting they
notify the Chief Financial Officer of any significant
irregularities in information provided for inclusion
in the Financial Statements. None have been
reported.
The Audit & Risk Committee has reviewed
the effectiveness of internal controls and
risk management during the year taking into
consideration the framework and risk register
maintained by management, in addition to
reports from both internal and external auditors.
The Committee has concluded that internal
controls have operated effectively during FY2025.
Speedy Hire Plc Annual Report and Accounts 2025
83
Corporate Information
Financial Statements
Governance
Strategic Report
AUDIT & RISK COMMITTEE REPORT CONTINUED
Review of the work, effectiveness and
independence of internal audit
The Audit & Risk Committee reviews the
effectiveness of the Group’s internal audit
function. This review includes the audit plan and
the level of resource devoted to internal audit,
as well as the degree to which the function can
operate free from management restrictions.
The Committee considered the results of the
audits undertaken by the internal audit function
and in particular considered the response of
management to issues raised by internal audit,
including the time taken to resolve matters
reported. Although internal audit has raised
recommendations for improvement in the normal
course of business, the Audit & Risk Committee is
satisfied that none of these constituted significant
control failings during FY2025.
In accordance with Standard 8.4 of the Global
Internal Audit Standards (‘GIIA’), an external
quality assessment of internal audit was
undertaken during FY2022. The review concluded
that the internal audit and risk function is effective
in providing independent assurance to the
organisation and complies with GIIA standards. In
addition to this, the Head of Risk and Assurance
is required to undertake an annual self-
assessment of adherence to this framework. This
self-assessment is considered by the Audit & Risk
Committee during its review of internal audit.
On an annual basis the Audit & Risk Committee
circulates a questionnaire to Directors and
senior management inviting comments on the
Risk and Assurance function. The responses are
considered by the Audit & Risk Committee and
are used in conjunction with the other review
processes described to determine whether
internal audit is working effectively.
The Global Internal Audit Standards require the
Audit & Risk Committee to explicitly discuss
annually the Chairman’s assessment of the
independence and objectivity of the Head of Risk
and Assurance. The Committee is satisfied that the
Head of Risk and Assurance is independent and
will robustly challenge management appropriately.
Following the review, the Committee concluded
that the Group’s internal audit function remains
effective.
The Internal Audit Charter was reviewed by the
Audit & Risk Committee during the financial year,
and it was determined that it remained fit for
purpose.
Review of the work, effectiveness and
independence of the external auditors
The Audit & Risk Committee reviews annually the
relationship between the Group and the external
auditors and has responsibility for monitoring the
external auditors’ independence, effectiveness and
objectivity. This work includes an assessment of
their performance, a review of the scope of their
work, as well as their compliance with ethical,
professional and regulatory requirements. The
Committee also reviews any major issues which
arise during the course of the audit and their
resolution, key accounting and audit judgements,
and any recommendations made to the Board by
the auditors and the Board’s response.
The Committee is responsible for ensuring that an
appropriate relationship is maintained between
the Group and the external auditors.
The policy for the use of the external auditors for
non-audit related purposes was reviewed by the
Committee during the financial year and it was
determined that this remained appropriate and
no changes were made. The policy is designed
to control the provision of non-audit services by
the external auditors in order to ensure that their
objectivity and independence are safeguarded.
The policy states that preference should be
given to retaining consultants other than from
the external auditors unless strong reasons exist
to the contrary, and that non-audit fees paid to
the auditor should not exceed 100% of the audit
related fees paid in that year, and the three-year
average of non-audit fees paid to the auditor
should not exceed 50% of the annual audit fees.
The policy further requires that the provision of
any non-audit services by the external auditors
is subject to prior approval by the Audit & Risk
Committee. The Committee closely monitors the
amount the Company spends with the external
auditors on non-audit services.
The only non-audit service provided by the auditors
in the year relates to the review of the Company’s
half-year results which the Committee accepted
was work best undertaken by the external auditors.
These fees represented 9.5% of the annual audit
fees and the three-year average was 6.3%. Details
of the fees, split between audit and non-audit
services, payable to the external auditors are given
in note 4 to the Financial Statements.
The Audit & Risk Committee considered the
external auditor’s performance during the year
and reviewed the level of fees charged, which are
considered appropriate given the size of the Group.
Audit & Risk Committee performance
evaluation
The Committee carried out a self-evaluation
during the year using questionnaires circulated to
members of the Committee as well as those who
attend regularly including the external auditors,
Head of Risk and Assurance and the Executive
Directors. The responses received indicated that
the Committee was considered to be operating
effectively.
The Committee has set the following key
objectives for its work as a result:
h ongoing review of Committee agenda and
papers so as to highlight key issues, reduce
volume and facilitate wider discussion;
h support the onboarding of the new co-
sourced internal audit provider BDO to
improve audit coverage and add value
beyond assurance;
h monitor the interim Risk & Assurance
organisation arrangements whilst the
department Head is on maternity leave; and
h continue monitoring the completion on time
of agreed management actions to address
control weaknesses.
Appointment of auditors
PricewaterhouseCoopers LLP were appointed as
external auditors following a comprehensive tender
process, commencing with the FY2023 audit.
Having considered the results of the Audit & Risk
Committee’s work, the Board is recommending
the re-appointment of PricewaterhouseCoopers
LLP as auditors of the Group for FY2026. The
lead audit engagement partner is Christopher
Hibbs who was appointed in the prior year.
PricewaterhouseCoopers LLP has expressed
its willingness to continue as external auditors
of the Group. Separate resolutions proposing
its reappointment and the determination of its
remuneration will be proposed at the Annual
General Meeting to be held on 4 September 2025.
Speedy Hire Plc Annual Report and Accounts 2025
84
Business Ethics and Whistleblowing
The Company remains committed to the highest
standards of business conduct including zero-
tolerance towards bribery and corruption and
expects its Directors, employees, consultants
and other stakeholders to act accordingly.
The Company has a well-established Code
of Conduct, emphasising its commitment to
honesty, trust and transparency. The Code details
the behaviours that are expected, including
encouraging our people to use the Speak Up
Whistleblowing channels if they have any
concerns about wrongdoing. All employees must
read and confirm awareness of the Code as part
of mandatory annual training.
The Company recognises the importance of
having an open and inclusive culture, where
people feel safe to raise issues. The Speak Up
Whistleblowing Policy has been enhanced
during the year to include an additional means of
anonymously reporting concerns via our newly
introduced independent whistleblowing partner.
The Board has overall responsibility for ensuring
compliance with business ethics requirements; it
has delegated regular oversight of whistleblowing
to the Audit & Risk Committee.
The Audit & Risk Committee receive a report at
each of its scheduled meetings, providing an
overview of concerns raised under the Speak
Up Whistleblowing Policy in the previous period
and any investigations undertaken. An annual
summary detailing the number and nature of
reported cases alongside details of investigations,
outcomes and actions is also reviewed as part of
the Committee’s meeting programme.
Business ethics summary statistics for
FY2025:
h 95% Completion rating for annual business
ethics training
All personnel are required to annually
undertake mandatory training; raising
awareness of ethical behaviours and
reinforcing policies on business ethics
matters including Modern Slavery, Diversity &
Equality, Anti-Bribery & Corruption, Health &
Safety and Information Security.
h 13 Reports via Speak Up Whistleblowing
Total number of reported concerns raised
via Speak Up channels from personnel,
suppliers and other third parties with reports
raising concerns about economic crimes,
employment law issues, and non-compliance.
All concerns are assessed; however not
all are substantiated. Appropriate action is
taken on substantiated concerns which may
include adopting additional measures, and/or
disciplinary action.
Communicating with shareholders
The Company places considerable importance on
communication with its shareholders, including
both institutions and private shareholders. The
Group’s Chief Executive and Chief Financial
Officer manage the investor relations programme
and meet with major shareholders on a regular
basis. The Group’s Chairman also meets with
investors. The views of the Company’s major
shareholders are reported to the Board and are
regularly discussed at meetings of the Board and
at the various committees of the Board, including,
where appropriate, the Audit & Risk Committee.
Approval of Annual Report and Financial
Statements
Having reviewed the Annual Report and Financial
Statements and made inquiries of management
and the external auditors, the Audit & Risk
Committee advised the Board that in its opinion
the Annual Report and Financial Statements
was fair, balanced and understandable overall
and provides all the information necessary to
enable shareholders to assess the performance,
business model and strategy of the Group.
This report was approved by the Board on
17 June 2025.
SHATISH DASANI
Chairman of the Audit & Risk Committee
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85
Corporate Information
Financial Statements
Governance
Strategic Report
Objectives
The key functions of the Nomination Committee
are to review the structure and composition of
the Board, to identify and propose to the Board
suitable candidates to fill Board vacancies, and
to undertake succession planning for Board and
senior management positions.
Composition of the
Nomination Committee
The Nomination Committee comprises the
Chairman, David Shearer, and three independent
Non-Executive Directors, David Garman, Rhian
Bartlett and Shatish Dasani. Appointments and
attendance at meetings during the year are set
out below. Biographies of the members of the
Nomination Committee are set out on pages
72 to 73.
The terms of reference of the Nomination
Committee are reviewed annually by the
Committee and changes proposed to the
Board. The current terms are published on the
Company’s website at speedyhire.com/investors
and are also available in hard copy form on
application to the Company Secretary.
Attendance
The Nomination Committee met on two
scheduled occasions during the year. Additional
ad hoc meetings took place dealing with Board
changes occurring during the year. Details of the
attendance at scheduled Nomination Committee
meetings are set out in the table below. At the
invitation of the Chairman, the Chief Executive
may attend meetings. The Group’s Chief People
Officer may also be invited to attend, particularly
where discussions are taking place around
succession planning within the Group.
Nomination Committee members and scheduled
meetings attended during the year:
David Shearer
(Chairman) Non-Executive
Chairman 2/2
David Garman
Non-Executive Director 2/2
Rhian Bartlett
Non-Executive Director 2/2
Shatish Dasani
Non-Executive Director 2/2
Operation of the Nomination Committee
The Company Secretary acts as secretary to the
Nomination Committee. The members of the
Nomination Committee can, where they judge
it necessary to discharge their responsibilities,
obtain independent professional advice at the
Company’s expense.
The Nomination Committee’s duties include,
inter alia:
h ensuring that there is a formal and
transparent procedure for the appointment of
new Executive and Non-Executive Directors
to the Board and making recommendations
to the Board on such appointments;
h reviewing the size and composition of the
Board along with membership of Board
Committees;
h evaluating the balance of skills, knowledge
and experience on the Board;
h ensuring that succession planning is in place
for the Board and senior management;
h ensuring that Non-Executive Directors are
able to devote sufficient time to discharge
their duties;
h making recommendations to the Board in
respect of Directors standing for election or
re-election at the AGM; and
h overseeing the development of a diverse
pipeline for succession to the Board and
senior management roles.
DAVID SHEARER
Chairman of the Nomination Committee
NOMINATION COMMITTEE REPORT
THE NOMINATION COMMITTEE PRESENTS ITS REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
Speedy Hire Plc Annual Report and Accounts 2025
86
The Nomination Committee leads the process
for all Board appointments, carefully evaluating
the skills available on the Board and how
these may be best balanced and enhanced by
agreeing the person’s specification, selecting
external recruitment consultants, considering
all candidates and making recommendations
to the Board for appointment. In selecting
candidates, the Nomination Committee gives due
consideration to the benefits of diversity, equity
and inclusion and the objective of increasing the
diversity of the Board. The Company’s values and
objectives in this area are disclosed on pages 39,
77, 78 and 87. All recommendations made are on
merit against objective criteria.
During the year the Nomination Committee
undertook all of the duties set out above and
additionally reviewed the leadership needs of
the organisation and succession planning for
key individuals, including Directors and senior
management, which followed the completion
of an annual review led by the Chief People
Officer for the latter. The review included the
identification of talented individuals for key
management roles and development across
the Group and took account of the Company’s
objectives to increase diversity, equity and
inclusion across all levels. In support of
succession planning and senior management
development, Non-Executive Directors participate
in the Group’s mentoring scheme.
Board
The Committee considered the size and
composition of the Board and its Committees
and the balance of skills, knowledge and
experience across the Directors during the year.
The Committee concluded that following the
recent appointments of the Executive Directors,
the overall size, structure and composition of
the Board was well balanced and operating
effectively, as were the Board Committees.
With several Directors coming towards the
end of their usual tenures the Committee has
considered Board succession. Two Non-Executive
Directors are affected through to the AGM
2026, Rob Barclay and David Garman. Whilst
the Committee acknowledged the valuable
contributions made by both of the Directors, the
Committee recommended recruitment of only
one new Non-Executive Director prior to the
AGM 2026, as there was considered to be both
sufficient overlap of skills and experience on the
Board and Non-Executive Directors continuing to
staff the Committees. The Committee will appoint
recruitment consultants at the appropriate time
to assist in the recruitment exercise and ensure
a timely appointment and orderly transition. The
Committee will lead the recruitment following
the usual process outlined above and having
regard to its objectives for Board diversity
as detailed below. The Committee will also
make recommendations to the Board for the
consequent changes to the composition of the
Board Committees.
The Committee’s consideration of Board
succession included the Chairman, who will have
served seven years as Chairman by the end of
September 2025. In view of the number of board
changes taking place and to maintain continuity
in current key areas, including mentoring
the Executive team; delivery of the Velocity
growth strategy; and his being able to oversee
the refreshing of the Board, the Committee
recommended to the Board he should remain in
position.
Diversity, Equity and Inclusion
Continuing to develop an increasingly diverse
and inclusive workforce is an important factor
in supporting the Company’s strategy which
additionally helps create a sustainable and
prosperous business. The Board recognises the
value of diversity within the boardroom including
across backgrounds, experience, knowledge,
skills and gender. The Committee considers the
Company’s Diversity, Equity and Inclusion Policy
and objectives generally in order to achieve
gender diversity on the Board, its Executive
Team and amongst senior management and, in
particular, with a view to meeting the gender
targets specified in the Listing Rules, in all
appointments to the Board and its Committees
and any changes in the roles of Directors. More
generally the Group’s approach to diversity, equity
and inclusion can be seen on pages 39, 77, 78 and
87, along with details of the gender balance of
those personnel in senior management.
The Nomination Committee has recommended
the re-election of all Directors standing at the
forthcoming Annual General Meeting, with the
exception of Rob Barclay who is stepping down
from the Board after the AGM.
This report was approved by the Board on
17 June 2025.
DAVID SHEARER
Chairman of the Nomination Committee
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87
Corporate Information
Financial Statements
Governance
Strategic Report
REMUNERATION REPORT
THE REMUNERATION COMMITTEE PRESENTS ITS REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
CAROL KAVANAGH
Chair of the Remuneration Committee
h Salary: The Executive Directors were
awarded a workforce aligned increase of
2% from 1 April 2025. As such, the CEO and
CFO salaries were increased to £504,900 and
£357,200 respectively.
h Pension: Executive Directors will continue
to receive a workforce aligned pension
allowance, currently set at 3% of salary.
h Annual bonus: Maximum annual bonus
opportunity will continue to be limited to
100% of salary in line with past practice and
performance metrics will continue to be
based on financial, strategic and ESG targets
to reflect Speedy Hire’s priorities for the year
ahead. Half of any bonus award above 75%
of salary for the year ending 31 March 2026
will be deferred into shares for two years. The
targets are currently considered by the Board
to be commercially sensitive although full
retrospective disclosure of the performance
metrics, targets and outturns will be provided
in the Directors’ Remuneration Report for the
year ending 31 March 2026.
h 2025 PSP Awards: On the basis that the 2024
PSP effectively combined the 2024 and 2025
PSP awards, no PSP will be granted to the
CEO and CFO in 2025 in the normal course of
events. It is intended that the normal annual
PSP grant cycle will resume in 2026.
Pay and practices in the wider Group
When considering the Remuneration Policy for the
Executive Directors, the Remuneration Committee
takes into account pay and employment conditions
across the Company. In this regard, the Committee
was pleased to note that:
h Investment continues to be made to ensure
that employees are paid at or above the Real
Living Wage; and
h Our apprentices continue to be paid well
above the relevant apprentice minimum wage
during their first year and then at least the
relevant national minimum or living wage
until they transfer off the apprenticeship
scheme, at which point they are paid at least
the Real Living Wage.
Shareholder engagement
The Committee takes an active interest in any
shareholder views on the Company’s executive
remuneration and is mindful of the concerns of
shareholders and other stakeholders. In this regard,
the Committee consulted main shareholders and
representative bodies regarding the proposed
changes to the Directors’ Remuneration Policy
which were approved at the 2024 AGM. Following
consideration of the feedback received, one
change was made to the respective weightings
of the 2024 PSP performance metrics in respect
of increasing the proportion of the awards based
on Total Shareholder Return. We will continue to
take into account the views of our shareholders as
appropriate.
Conclusion
Our Directors’ Remuneration Policy continues to
drive the intended performance from the Executive
Directors. I hope you find this report helpful in
understanding our remuneration policy and
practices, and I look forward to receiving continued
shareholder support for the remuneration-related
shareholder resolution at our 2025 AGM.
This report was prepared by the Remuneration
Committee and approved by the Board on
17 June 2025.
CAROL KAVANAGH
Chair of the Remuneration Committee
I am pleased to present, on behalf of the Board,
the Directors’ Remuneration Report for the year
ended 31 March 2025. The report has been
divided into the following three sections:
h this Annual Chair’s Statement, summarising
major decisions and any relevant changes to
remuneration;
h a summary of the Remuneration Policy
Report, which sets out the Group’s policy on
the remuneration of the Executive and Non-
Executive Directors; and
h the Annual Report on Remuneration,
outlining how the Group’s Remuneration
Policy was implemented in FY2025 and how
it will be implemented in FY2026.
As the Committee is not proposing any changes
to the three-year Remuneration Policy (which
was last approved by shareholders at the 2024
Annual General Meeting (‘AGM’)) only this Annual
Statement and the Annual report on Remuneration
will be subject to an advisory vote at the 2025 AGM.
Performance and reward for FY2025
Whilst the Group performed resiliently in the
year, the widely reported economic downturn
and challenging market conditions negatively
impacted the Company’s financial performance.
Therefore, despite good progress on the delivery
of our strategy (including ESG-based objectives),
no annual bonus was awarded for the year ended
31 March 2025 as the threshold PBT target was
not met. In addition, the Performance Share Plan
(‘PSP’) awards granted on 20 June 2022 will lapse
in full in June 2025 as a result of below threshold
performance and below median relative Total
Shareholder Return.
Policy implementation for FY2026
The proposed implementation of the Policy in
respect of the year ending 31 March 2026 is as
follows:
Speedy Hire Plc Annual Report and Accounts 2025
88
REMUNERATION REPORT CONTINUED
DIRECTORS’ REMUNERATION POLICY REPORT
This part of the Directors’ Remuneration Report
sets out a summary of the Directors’ Remuneration
Policy (‘Policy’) for the Group which was approved
at the 2024 AGM and it is the Remuneration
Committee’s current intention that it will operate
through to the 2027 AGM. The full Remuneration
Policy as approved by shareholders can be found
in the 2024 Annual Report.
Policy overview
The primary objective of the Remuneration
Policy is to promote the long-term success of the
Group. In working towards the fulfilment of this
objective, the Remuneration Committee takes
into account a number of factors when setting the
Remuneration Policy for the Executive Directors
including the following:
h the need to attract, retain and motivate
high calibre Executive Directors and senior
management;
h internal pay and benefits levels, and practice
and employment conditions within the Group
as a whole;
h the recommendations set out in the UK
Corporate Governance Code and the views
of shareholders and their representative
bodies; and
h periodic external comparisons to examine
current market trends and practices and
equivalent roles in similar companies taking
into account their size, business complexity,
international scope and relative performance.
Our remuneration structure is intended to be
simple and transparent, and to contribute to the
building of a sustainable performance culture.
The main elements of the remuneration package
for Executive Directors are a base salary, benefits
and pension provision and, subject to stretching
performance conditions, an annual bonus plan
and shares awarded under a Performance Share
Plan (‘PSP’).
The key principles of the policy are:
h Clarity – maintain transparency of our
competitive total remuneration structure
that is driven by our business strategy and
model, focusses on sustained long-term value
creation and is aligned with the interests of
shareholders;
h Predictability – to ensure that targets set
each year result in stretching ambitions and
that the scale of the reward is proportionate;
h Simplicity – ensure the remuneration
structure avoids unnecessary complexity,
with a reward package that balances short
and long-term performance, rewarding
Company and personal performance;
h Risk – risk is appropriately managed. The
remuneration of Executive Directors provides
an appropriate balance between fixed and
performance-related pay elements: restraint
on fixed pay, with a substantial proportion
of total remuneration based on variable pay
linked to performance;
h Alignment to culture – the remuneration
principles encourage behaviour that the
Committee expects; and
h Proportionality – the link between individual
awards, the delivery of strategy and the long-
term performance of the Group is clear.
As a result, the Remuneration Committee has
determined that the remuneration of Executive
Directors will provide an appropriate balance
between fixed and performance-related pay
elements. The Remuneration Committee will
continue to review the Remuneration Policy to
ensure it takes due account of remuneration
best practice and that it remains aligned with
shareholders’ interests.
Directors’ Remuneration Policy table
The table below summarises each element of the
updated Remuneration Policy for the Directors,
explaining how each element operates and the
links to the corporate strategy.
This Policy was prepared in accordance with the
provisions of the Companies Act 2006 (‘the Act’)
and the Large and Medium-sized Companies and
Groups (Accounts and Reports) (Amendment)
Regulations 2013 (‘the Regulations’) as amended,
the UK Corporate Governance Code, the
Financial Conduct Authority’s Listing Rules and
the Disclosure and Transparency Rules. It also
takes into account the accompanying Directors’
Remuneration Reporting Guidance, prevailing
shareholder and proxy guidelines and wider best
practice.
The overall approach to remuneration remains
consistent, with modest adjustments to
ensure the policy continues to underpin the
performance of the business and deliver a
balanced remuneration package to Executives
that is focused on total remuneration with a
significant proportion of the package based
on performance-related variable pay. The
Remuneration Committee will continue to review
the Remuneration Policy to ensure it takes due
account of remuneration best practice and that it
remains aligned with shareholder’s interests.
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Corporate Information
Financial Statements
Governance
Strategic Report
Purpose and link to strategy Operation Maximum Performance targets
SALARY
Recognises the
knowledge, skills and
experience, as well as the
size and scope of the role.
Provides an appropriate
level of basic fixed income
avoiding excessive risk
arising from overreliance
on variable income.
Normally reviewed annually with changes typically effective 1 April.
Paid in cash on a monthly basis.
Pensionable.
Comparison against companies with similar characteristics and sector peers are
taken into account in review.
Internal reference points, the responsibilities of the individual role, progression within
the role and individual performance are also taken into account.
There is no prescribed maximum annual
basic salary or salary increase.
Salary increases are awarded at the
discretion of the Committee. Salary increases
(in percentage of salary terms) will ordinarily
be considered in relation to those applied to
the broader employee population.
The Committee retains discretion to award a
lower or a higher increase to recognise, for
example, the performance and contribution
of an individual; an increase in the scale,
scope or responsibility of the role and/or to
take account of relevant market movements.
Where an Executive Director’s salary is set
below market levels at appointment, a series
of increases may be given (in addition to
the factors listed above) in order to achieve
the desired salary positioning, subject to
satisfactory individual performance.
None, although the overall performance
of the individual is considered as part
of the review process alongside the
factors described in how we operate
the salary policy.
BENEFITS
To provide a competitive
benefits package.
To promote recruitment
and retention.
Benefits may include a car or car allowance, health benefits including permanent
incapacity and life insurance.
Other benefits including relocation allowances may be offered if considered
appropriate and reasonable by the Committee. Executive Directors may be eligible for
other benefits which are introduced for the wider workforce on broadly similar terms.
Any reasonable business-related expenses can be reimbursed (including the tax
thereon if determined to be a taxable benefit).
Executive Directors are also eligible to participate in any all-employee share plans
operated by the Company, in line with prevailing HMRC guidelines (where relevant),
on the same basis as for other eligible employees.
There is no maximum limit, but the
Committee reviews the cost of the benefits
provision on a regular basis to ensure that it
remains appropriate. The value of benefits is
based on the cost to the Company and varies
according to individual circumstances.
The maximum level of participation in
respect of any all-employee share plan is
subject to the limits imposed by HMRC
from time to time (or a lower cap set by the
Company).
n/a
REMUNERATION REPORT CONTINUED
DIRECTORS’ REMUNERATION POLICY REPORT
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90
Purpose and link to strategy Operation Maximum Performance targets
PENSION
To provide market
competitive retirement
benefits, to reward
sustained contribution.
Defined contribution and/or pension allowance. Workforce aligned. n/a
BONUS
To incentivise delivery
of specific strategic
objectives, including
financial performance and
personal annual goals.
Maximum bonus only
payable for achieving
demanding targets.
Annual awards based on targets set by the Committee normally at the beginning of
each financial year.
The extent to which the performance measures have been achieved is determined
by the Committee after the end of the performance period. The level of bonus for
each measure is determined by reference to the actual performance relative to that
measure’s performance targets, on a pro rata basis.
All bonus payments are at the ultimate discretion of the Committee and the Committee
retains an overriding ability to ensure that overall bonus payments reflect its view of
corporate performance during the year when determining the final bonus amount to be
awarded.
Annual bonus awards up to 75% of salary are normally payable in cash (although the
Committee reserves the right to deliver some or all of such bonus in shares which may
be deferred).
50% of any bonus paid in excess of 75% of salary will normally be compulsorily deferred
into shares for two years with vesting normally subject to continued employment.
Note, should bonus quantum be operated at 125% of salary during the Policy period,
it is the intention of the Committee that a minimum of 20% of the entire bonus would
be deferred into shares for two years with vesting normally subject to continued
employment.
Malus and clawback provisions apply to allow recoupment of bonus (including as
to any deferred portion) for three years from the bonus payment date in the event of
material misstatement of performance, a significant failure of risk management, serious
misconduct, corporate failure or reputational damage.
Participants may also be entitled to receive dividend equivalents on vested shares.
Any dividend equivalents would normally be delivered in shares.
The annual bonus policy maximum is 125%
of salary in any financial year.
Performance metrics will be set for
each financial year by the Committee
aligned to the Company’s key strategic
objectives.
Group financial measures (e.g. profit
before tax) will apply.
Personal and/or strategic and/or ESG-
based KPIs may apply for a minority of
the bonus.
The performance metrics and targets
are reviewed annually to ensure they
remain appropriate.
The Committee retains the discretion to
set alternative metrics as appropriate.
Performance measured over one
financial year.
No more than 25% of the maximum
opportunity will be payable for
threshold performance and no more
than 50% of the maximum opportunity
will be payable for on-target
performance.
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Strategic Report
REMUNERATION REPORT CONTINUED
DIRECTORS’ REMUNERATION POLICY REPORT
Purpose and link to strategy Operation Maximum Performance targets
PERFORMANCE
SHARE PLAN
To recruit and retain
Executive Directors.
Aligned to main strategic
objectives of delivering
long-term value creation.
Align Executive Directors’
interests with those of
shareholders.
Discretionary conditional awards or nil or nominal cost options are normally granted
annually.
The Committee reviews the quantum of awards annually and monitors the continuing
suitability of the performance measures.
Awards normally vest over 3 years or more from grant, subject to performance
conditions normally measured over three financial years or more.
A two-year post vesting holding period requirement, which continues to apply post-
employment for shares that vest, net of sales to settle tax or other withholding due on
the vesting or exercise of awards.
Malus and clawback provisions apply to allow recoupment for a period of three years
following the vesting of an award, in the event that the value of a vested award is
subsequently found to have been overstated as a result of a material misstatement of
performance, a significant failure of risk management, serious misconduct, corporate
failure, reputational damage, or any other matter which the Committee deems
relevant.
Participants may also be entitled to receive dividend equivalents on shares which vest.
Any dividend equivalents accrued will normally be delivered in shares.
All awards are subject to the discretions contained in the relevant plan rules.
150% of salary
(albeit in 2024 only, a maximum award over
5,386,289 and 3,810,664 shares for the CEO
and CFO respectively).
Performance normally measured over
at least three years.
Performance targets and metrics may
be based on financial targets (e.g.
Earnings Per Share or Free Cash Flow),
share price-based targets (e.g. relative
Total Shareholder Return targets) and/
or strategic/ESG-based targets as
set by the Committee to reflect the
prevailing strategic priorities.
Performance underpins may also apply.
A maximum of 25% vests at threshold
increasing to 100% vesting at maximum
on a straight-line basis.
The Committee retains discretion
to override formulaic outcomes in
deciding the level of vesting to reflect
wider Company performance. Any
exercise of discretion will be fully
disclosed to shareholders.
Speedy Hire Plc Annual Report and Accounts 2025
92
Purpose and link to strategy Operation Maximum Performance targets
SHAREHOLDING
REQUIREMENTS
To strengthen the
alignment between the
interests of the Executive
Directors and those of
shareholders.
In accordance with best practice, share ownership requirements apply during and
after employment.
In-employment shareholding requirement
Executive Directors will normally be required to retain at least 50% of the shares
acquired on the vesting of share awards, net of tax, until the required level of
shareholding is achieved.
Deferred bonus shares, vested PSP shares, shares subject to a holding period and
open market purchase shares, including shares held by a spouse or children under 18
count towards this limit, on a net of tax basis.
Newly appointed Executive Directors would normally be expected to achieve the
required shareholding within five years of the date of appointment.
Existing Executive Directors would normally be expected to achieve the increased
requirement within a reasonable timeframe of the adoption of the policy.
Post-employment shareholding requirement
Executive Directors will normally be required to retain a shareholding until the second
anniversary of the date they ceased to be an Executive Director.
The post-cessation shareholding requirement will apply to shares acquired (net-of-
tax) under awards granted under this policy. Shares acquired under all-employee
share plans or purchased from the Executive Directors’ own funds would not be
included.
Executive Directors are required to build up
and maintain an in-employment shareholding
worth at least 200% of base salary.
Executive Directors will normally be required
to retain a shareholding at the level of the
in-employment shareholding requirement, or
the actual shareholding on cessation if lower,
for a period of 12 months post-employment;
reducing to 50% of the year one holding for
the subsequent 12 months.
n/a
Speedy Hire Plc Annual Report and Accounts 2025
93
Corporate Information
Financial Statements
Governance
Strategic Report
REMUNERATION REPORT CONTINUED
DIRECTORS’ REMUNERATION POLICY REPORT
Purpose and link to strategy Operation Maximum Performance targets
NON-EXECUTIVE
DIRECTORS
To attract and retain high
calibre Non-Executive
Directors.
The Non-Executive Directors’ fees are set by the Board on the recommendation of
the Executive Directors. No Director takes part in discussions relating to their own
remuneration.
The fees are set taking into account the time commitment and responsibilities of the
role. Additional fees may be payable in relation to extra responsibilities undertaken
such as chairing a Board Committee and/or a Senior Independent Director or other
designated role or being a member of a committee.
If there is a temporary yet material increase in the time commitments for Non-
Executive Directors, the Board may pay extra fees on a pro rata basis to recognise the
additional workload.
Fees are normally paid monthly in cash and are normally reviewed annually.
Expectation that individuals build and maintain a shareholding equal to 100% of fees.
Non-Executive Directors can be reimbursed for any reasonable business-related
expenses (including the tax thereon, if determined to be a taxable benefit).
Non-Executive Directors do not participate in incentive or pension plans and are not
eligible to receive benefits.
There is no prescribed maximum fee or fee
increase. Total fees for the Non-Executive
Directors are subject to the overall limit set
out in the Company’s Articles of Association.
Any increase will be guided by changes
in market rates, time commitments and
responsibility levels.
n/a
How employees’ pay is taken into account
The designated employee Non-Executive
Director attends an annual Colleague
Consultative Committee (formerly the employee
forum) meeting (the last meeting was held on
5 March 2025) where Directors’ remuneration
and: (i) how it aligns with the wider pay
policy; and (ii) the rationale behind the current
Remuneration Policy were discussed.
Pay and conditions across the Group are
considered when designing the policy for
Executive Directors and continue to be
considered in relation to implementation of the
policy. The Remuneration Committee regularly
interacts with the HR function and senior
operational executives and monitors pay trends
across the workforce. Salary increases will
ordinarily be (in percentage of salary terms)
in line with those of the wider workforce.
The requirement to consider wider pay and
employment conditions elsewhere in the Group
is considered by the Remuneration Committee
to be a key objective and is embedded in the
Remuneration Committee’s terms of reference.
Speedy Hire discloses the pay ratio for the Chief
Executive, compared to that of UK employees
at the median, lower and upper quartile and the
year-on-year trends will be considered in the
wider context of employee pay at Speedy Hire.
How the Executive Directors’
Remuneration Policy relates
to the wider Group
The Remuneration Policy described above
provides an overview of the structure that
operates for the most senior executives in the
Group. Employees below executive level have
a lower proportion of their total remuneration
made up of incentive-based remuneration, with
remuneration driven by market comparators
and the impact of the role in question. Long-
term incentives are reserved for those judged
as having the greatest potential to influence the
Group’s strategic direction, earnings growth and
share price performance.
Consistent with the Group’s approach of
recognising the contribution of its employees
at all levels in the business, the Group operates
bonus incentives throughout the Group, a
long-term service award scheme under which
employees serving 10, 20 and 25 years receive a
range of additional benefits, including additional
days of annual holiday entitlement. These
benefits are popular amongst employees and the
Speedy Hire Plc Annual Report and Accounts 2025
94
Group believes that they fulfil a business need
by encouraging and rewarding the loyalty and
motivation of long serving employees and by
rewarding those employees with higher levels
of experience.
How shareholders’ views are
taken into account
The Remuneration Committee considers
shareholder feedback received in relation to
the AGM each year and shareholder views
on our executive remuneration policy more
generally. Outside of this, the Remuneration
Committee seeks to engage with its major
shareholders when any significant changes
to the Remuneration Policy are proposed.
The Remuneration Committee will consider
shareholder feedback received in relation to
the Directors’ Remuneration Report each year.
The Remuneration Committee also has regard
to additional feedback received from time-to-
time, and closely monitors developments in
institutional investors’ best practice expectations.
Approach to recruitment and promotions
The remuneration package for a new Executive
Director would be set in accordance with the
terms of the approved Remuneration Policy
prevailing at the time of appointment and take
into account the skills and experience of the
individual, the market rate for a candidate of that
experience and the importance of securing the
relevant individual.
The overarching principles applied by the
Remuneration Committee in developing
the remuneration package will be to set an
appropriate base salary together with benefits
and short and long-term variable pay that takes
into account the complexity of the role. Salary
would be provided at such a level as required to
attract the most appropriate candidate and may
be set initially at a below market level on the
basis that it may progress towards a competitive
market level once expertise and performance
have been proven and sustained. Salary
will be considered in the context of the total
remuneration package.
The maximum level of variable pay which may be
awarded to new Executive Directors, excluding
the value of any buy-out arrangements, will be
in line with the policy set above. In addition, the
Remuneration Committee may offer additional
cash and/or share-based elements to replace
deferred or incentive pay forfeited by an
Executive leaving a previous employer when
it considers these to be in the best interests of
the Company and its shareholders. It will, where
possible, ensure that these awards are consistent
with awards forfeited in terms of the form of
award, vesting periods and expected value. Such
elements may be made under Section 9.4.2 of the
Listing Rules where necessary. Shareholders will
be informed of any such arrangements at the time
of appointment.
The Remuneration Committee may apply different
performance measures, performance periods
and/or vesting periods for initial awards made
following appointment under the annual bonus
and/or long-term incentive arrangements,
subject to the rules of the plan, if it determines
that the circumstances of the recruitment merit
such alteration. A PSP award can be made
shortly following an appointment (assuming the
Company is not in a closed period).
For an internal Executive Director appointment,
any variable pay element awarded in respect
of the prior role may be allowed to pay out
according to its original terms, adjusted,
if appropriate to take account of the new
appointment. For external and internal
appointments, the Remuneration Committee
may agree that the Company will meet certain
relocation and/or incidental expenses as
appropriate.
The fee structure and quantum for Non-Executive
Director appointments will be based on the
prevailing Non-Executive Director fee policy
taking into account the experience and calibre of
the individual.
The Board evaluation and succession planning
processes in place are designed to ensure there
is the correct balance of skills, experience and
knowledge on the Board. The activities of the
Nomination Committee overseeing these matters
are disclosed in the Nomination Committee
Report.
Service contracts and approach
to leavers
The Company’s policy is for Executive Directors
to have service contracts which may be
terminated with no more than 12 months’ notice
from either party. The Executive Directors’
service contracts are available for inspection by
shareholders at the Company’s registered office.
The relevant dates of service contracts and notice
periods for the current Executive Directors are set
out as follows:
Executive Director Date of contract Notice period
Dan Evans 29 July 2022 12 months
Paul Rayner 1 July 2023 9 months
Service contracts for Executive Directors all
contain non-compete provisions appropriate to
their role. No Executive Director has the benefit
of provisions in his or her service contract for
the payment of pre-determined compensation in
the event of termination of employment. It is the
Remuneration Committee’s policy that the service
contracts of Executive Directors will provide for
termination of employment by giving notice or
by making a payment of an amount equal to
the monthly basic salary, benefits and pension
contributions in lieu of notice.
The policy also provides that no Executive Director
should be entitled to a notice period or payment
on termination of employment in excess of the
levels set out in his or her service contract and
in determining amounts payable on termination,
the Remuneration Committee will take into
consideration the Executive Director’s duty to
mitigate his or her loss when determining the
amount of compensation.
Annual bonus may be payable for a good leaver
with respect to the period of the financial year
worked although it will be performance linked,
pro-rated for time and paid at the normal pay
out date. Different performance targets may be
set for the remainder of this bonus period to
reflect the individual’s specific responsibilities.
Any share-based entitlements granted to an
Executive Director under the Company’s share
plans will be determined based on the relevant
plan rules. In certain prescribed circumstances,
Speedy Hire Plc Annual Report and Accounts 2025
95
Corporate Information
Financial Statements
Governance
Strategic Report
REMUNERATION REPORT CONTINUED
DIRECTORS’ REMUNERATION POLICY REPORT
such as retirement, death, ill health, disability
or other circumstances at the discretion of the
Remuneration Committee, ‘good leaver’ status may
be applied. For good leavers, awards will normally
vest at the normal vesting date. PSPs vesting will
also be subject to the satisfaction of the relevant
performance conditions at that time (including
an overall performance underpin attached to
the award) and time pro-rating. However, the
Remuneration Committee retains discretion
to determine that awards vest at cessation of
employment and/or to disapply the time pro-rating
in full or in part if it considers it appropriate to
do so. Where ‘good’ leaver status is not applied,
awards will lapse at the date of termination.
In relation to a termination of employment, the
Remuneration Committee may make payments in
relation to any statutory entitlements or payments
to settle or compromise claims as necessary.
The Remuneration Committee also retains the
discretion to reimburse reasonable legal expenses
incurred in relation to a termination of employment
and to meet any transitional or outplacement costs
if deemed necessary. Payment may also be made
in respect of accrued benefits, including untaken
holiday entitlement.
There is no provision for additional compensation
on a change of control. In the event of a change of
control, the PSP awards will normally vest on (or
shortly before) the change of control subject to the
satisfaction of the relevant performance conditions
at that time and, unless the Remuneration
Committee determines otherwise, reduced pro
rata to reflect the proportion of the vesting period
served. Outstanding awards under any all-
employee share plans will vest in accordance with
the relevant scheme plan. Bonuses may become
payable, subject to performance and, unless the
Remuneration Committee determines otherwise,
subject to a pro rata reduction to reflect the
curtailed performance period.
External appointments
The Board allows Executive Directors to accept
appropriate outside commercial non-executive
director appointments provided the aggregate
commitment is compatible with their duties as
Executive Directors. The Executive Directors
concerned may retain fees paid for these
services, which will be subject to approval by
the Board.
Non-Executive Directors
The Chairman and Non-Executive Directors do
not have contracts of service, but serve under
letters of appointment. Appointments are subject
to annual re-election by shareholders at the AGM
and may be terminated by three months’ notice
on either side. Therefore, all Directors will submit
themselves for re-election at the forthcoming AGM
in September 2025, with the exception of Rob
Barclay who is stepping down from the Board after
the AGM. The letters of appointment of the Non-
Executive Directors are available for inspection
at the Company’s registered office during normal
business hours. The anticipated time commitment
of Non-Executive Directors required by the
Company is 50 days per annum in relation to David
Shearer and 20 days in relation to David Garman,
Rob Barclay, Rhian Bartlett, Shatish Dasani and
Carol Kavanagh. Appointment dates for the Non-
Executive Directors are detailed below:
Non-Executive Director Role Appointment date
David Shearer
1
Non-Executive Chairman 1 October 2018
David Garman Senior Independent Director 1 June 2017
Rob Barclay Non-Executive Director 1 April 2016
Rhian Bartlett Non-Executive Director 1 June 2019
Shatish Dasani Non-Executive Director 1 February 2021
Carol Kavanagh Non-Executive Director 1 June 2021
1
Details relate to appointment as Non-Executive Chairman, original appointment as Non-Executive Director was
9 September 2016.
Speedy Hire Plc Annual Report and Accounts 2025
96
The sections of the Annual Remuneration Report
that have been audited by PwC are indicated in
the corresponding titles of those sections.
Remuneration Committee role
and membership
The Remuneration Committee comprises three
members: Carol Kavanagh (Chair), David Garman
and Rob Barclay. All members are considered
by the Board to be independent Non-Executive
Directors. Biographies of the members of the
Remuneration Committee are set out on pages 72
and 73. Details of the attendance at Remuneration
Committee meetings are set out below.
Remuneration Committee members and scheduled
meetings attended:
Carol Kavanagh (Chair)
Non-Executive Director
4/4
David Garman
Senior Independent Director
4/4
Rob Barclay Non-Executive Director 4/4
At the invitation of the Remuneration Committee
Chair, other members of the Board and senior
management may attend meetings of the
Remuneration Committee, except when their
own remuneration is under consideration. No
Directors are involved in determining their own
remuneration. The Company Secretary acts as
the secretary to the Remuneration Committee.
The members of the Remuneration Committee
can, where they judge it necessary to discharge
their responsibilities, obtain independent
professional advice at the Group’s expense.
The Remuneration Committee’s duties include:
h making recommendations to the Board
on the Group’s framework and policy for
the remuneration of the Company Chair,
Executive Directors, Company Secretary and
senior executives;
h reviewing and determining, on behalf of the
Board, executive remuneration and incentive
packages to ensure such packages are fair
and reasonable;
h reviewing Directors’ expenses;
h reviewing Executive and Non-Executive
Directors against the shareholding guidelines;
h determining the basis on which the
employment of executives is terminated;
h designing the Group’s share incentive
schemes and other performance-related pay
schemes, and to operate and administer such
schemes;
h determining whether awards made under
performance-related and share incentive
schemes should be made, the overall amount
of the awards, the individual awards to
executives and the performance targets to
be used;
h ensuring that no Director is involved
in any decisions as to his/her own
remuneration; and
h reviewing regularly the ongoing
appropriateness and effectiveness of all
remuneration policies.
During FY2025, the Remuneration Committee
reviewed the following matters at its meetings:
h determination of FY2024 bonuses for the
Executive Directors and senior managers;
h feedback on Directors’ Remuneration Report
and final outcome of 2024 AGM voting for the
report;
h consideration of the revised Directors’
Remuneration Policy to apply from 2024 AGM
and significant shareholder consultation
exercise;
h determination of vesting of PSP awards due
to vest in FY2025 and grant of awards in
FY2025;
h determination of executive remuneration
structure and application of the policy for
FY2026;
h proposed FY2026 bonus scheme for
Executive Directors and Executive Team
members and bonus arrangements for
employees generally;
h interim and final progress of employee share
plan performance measures against targets
and consequent approval of any vesting of
awards;
h progress of bonus achievement for FY2025
executive bonuses;
h approval of 25-year long service awards for
eligible employees and consideration of other
awards based on long-service;
h terms of reference for, and effectiveness of,
the Remuneration Committee;
h ongoing appropriateness and effectiveness
of remuneration and benefits policies for
Executive Directors and employees generally
and alignment to Company culture;
h performance of external remuneration advisors;
h use of equity for employee share plans in
relation to dilution headroom limits;
h review of the Non-Executive Chairman’s
fee; and
h determining remuneration arrangements for
senior management joiners and leavers.
The Remuneration Committee’s terms of
reference are published on the Company’s
website at speedyhire.com/investors and are
also available in hard copy on application to the
Company Secretary.
Advisors
During the year, the Remuneration Committee
received independent advice from FIT
Remuneration Consultants LLP (‘FIT’), in
connection with remuneration matters including
the provision of general guidance on market and
best practice and the production of this report.
FIT was appointed by the Committee in 2020
following a competitive tender and has no other
connection or relationship with the Group or
individual Directors and provided no other services
to the Group during FY2025. FIT is a member of
the Remuneration Consultants Group and is a
signatory to its Code of Conduct. Fees paid to
FIT for FY2025 totalled £47,762 (excluding VAT) in
respect of advice provided to the Remuneration
Committee and for related matters based on a
standing retainer (with additional time based on
time and materials). Following the Committee’s
annual review of its advisor and the advice
received, the Committee concluded that FIT’s
advice continues to be objective and independent.
The Remuneration Committee also sought
advice from the Group’s legal advisors, Pinsent
Masons LLP (‘Pinsents’), in connection with
the production of this report, the Group’s
Performance Share Plan and the all-employee
share scheme (‘SAYE’). Fees paid to Pinsents for
FY2025 totalled £4,383 (excluding VAT).
REMUNERATION REPORT CONTINUED
ANNUAL REPORT ON REMUNERATION
Speedy Hire Plc Annual Report and Accounts 2025
97
Corporate Information
Financial Statements
Governance
Strategic Report
REMUNERATION REPORT CONTINUED
ANNUAL REPORT ON REMUNERATION
Implementation of the Remuneration Policy for FY2026
Details of how the Remuneration Committee intends to operate the Remuneration Policy in respect of the year ending 31 March 2026 are set out in the Annual Chair’s Statement.
Non-Executive Directors
Current annual fee levels for Non-Executive Directors are as follows:
Non-Executive Director Role Committee Chair role 1 April 2025¹ 1 April 2024
David Shearer Non-Executive Chairman Nomination £156,060 £153,000
David Garman Senior Independent Director – £56,420 £55,450
Rob Barclay Non-Executive Director Sustainability £56,420 £55,450
Rhian Bartlett Non-Executive Director – £54,420 £53,450
Shatish Dasani Non-Executive Director Audit & Risk £56,420 £55,450
Carol Kavanagh Non-Executive Director Remuneration £56,420 £55,450
1
The policy reflects a base Board fee of £49,420 (FY2025: £48,450); additional fees for the Chairman of the Audit & Risk, Remuneration and Sustainability Committees of £7,000 (FY2025: £7,000), an additional fee for the Senior Independent
Director (David Garman) of £7,000 (FY2025: £7,000) and for the designated employee Non-Executive Director (Rhian Bartlett) £5,000 (FY2025: £5,000).
Speedy Hire Plc Annual Report and Accounts 2025
98
Directors’ remuneration for FY2025 (Audited)
The emoluments of the Directors of the Company for the year under review were as follows:
Financial year
Fees/basic salary
£’000 Benefits £’000
2
Pension £’000
3
Total fixed
remuneration
£’000
Annual bonus
£’000
4
Value of long-term
incentives
£’000
5
Total variable
remuneration
£’000
Total
remuneration
£’000
Executive Directors
Dan Evans 2025 495 7 15 517 0 0 0 517
2024 473 5 14 492 0 0 0 492
Paul Rayner
1
2025 350 18 8 376 0 0 0 376
2024 263 13 0 276 0 0 0 276
Non-Executive Directors
David Shearer 2025 153 – – 153 – – – 153
2024 150 – – 150 – – – 150
David Garman 2025 55 – – 55 – – – 55
2024 55 – – 55 – – – 55
Rob Barclay 2025 55 – – 55 – – – 55
2024 55 – – 55 – – – 55
Rhian Bartlett 2025 53 – – 53 – – – 53
2024 53 – – 53 – – – 53
Shatish Dasani 2025 55 – – 55 – – – 55
2024 55 – – 55 – – – 55
Carol Kavanagh 2025 55 – – 55 – – – 55
2024 55 – – 55 – – – 55
Totals 2025 1,271 25 23 1,319 0 0 0 1,391
2024 1,159 18 14 1,191 0 0 0 1,191
1
Paul Rayner was appointed to the Board on 1 July 2023.
2
Taxable benefits comprise a car or cash alternative, health insurance and life insurance.
3
Dan Evans and Paul Rayner received £15,000 and £8,000 respectively in lieu of pension contributions which are included in the Pension column above together with any actual pension contributions made.
4
For FY2025 the maximum bonus opportunity for the Executive Directors was 100% of salary, based on Group adjusted profit before tax (55%), Free Cash Flow (20%), strategic targets (15%) and ESG targets (10%). Details of actual
performance against targets is set out below.
5
For FY2025, this reflects that the 2022 PSP awards (granted to Dan Evans prior to his appointment to the Board) failed to hit both the threshold EPS and TSR performance targets, resulting in nil vesting. In respect of FY2024, this reflects the
2021 PSP awards (granted to Dan Evans prior to his appointment to the Board) which lapsed in full as a result of absolute TSR being below threshold.
Speedy Hire Plc Annual Report and Accounts 2025
99
Corporate Information
Financial Statements
Governance
Strategic Report
REMUNERATION REPORT CONTINUED
ANNUAL REPORT ON REMUNERATION
Annual bonus assessment in respect of FY2025 performance (Audited)
Dan Evans and Paul Rayner were eligible to receive annual bonuses in respect of financial and
operational performance in FY2025. Details of the performance targets and resulting bonus outcome
are set out in the table below:
Measure
Weighting
(% of salary) Threshold Max Actual
Result
(% of salary)
Adjusted PBT
1
55% £24.5m £27.0m £8.7m 0%
Free Cash Flow
2
20% £22.9m £25.2m £0.8m 0%
Strategic (Customers, Safety) 15% 15% – – n/a
3
ESG (CO
2
per employee, Diversity) 10% 10% – – n/a
3
Total 100% – – – 0%
1
Group adjusted profit before tax (‘adjusted PBT’).
2
Free Cash Flow: Net cash flow before movement in borrowings, merger and acquisition activity and returns to
shareholders.
3
Despite progress made against strategy delivery and ESG targets, on the basis that the threshold PBT target was
not met, no assessment was made against the strategic targets (focused on proactively managing and leading
change to minimise safety incidents and increasing trade with national customers) or ESG targets (delivering a year
on year reduction in CO
2
per employee and making progress on gender diversity).
PSP awards vesting in 2025 (Audited)
PSP awards, which were granted in June 2022 with vesting based on earnings per share (EPS)
and relative total shareholder return (TSR) performance targets measured over the three years to
31 March 2025, will fail to vest as follows:
Performance Measure Weighting
Performance
period end
Threshold
(25% vesting)
Maximum
(100%
vesting) Actual
% vesting
for this part of
the award
EPS 50% 31 March
2025
6.17p 7.72p 1.41p 0%
TSR* 50% 31 March
2025
Median Upper
Quartile
Below
Median
0%
* Versus constituents of the FTSE 250 (excluding investment trusts).
Long-term incentive plan awards granted to Executive Directors in the year (Audited)
The Executive Directors were granted the following awards under the 2024 Performance Share Plan on 19 September 2024, which were structured as nil cost options, as set out below:
Executive Director Date of grant Basis of award Maximum shares under award Face value of awards
1
Performance period
2
Vesting period % vesting at threshold
Dan Evans 19 September 2024 300% of salary 5,386,289 £1,485,000
Financial year ending 31 March 2028
Four years from grant 25% of an award
Paul Rayner 19 September 2024 300% of salary 3,810,664 £1,050,600
1
Determined using the share price used for below Board awards granted on similar terms in May 2024 (27.57p).
2
30% of the award is subject to an EPS condition. 25% of this part of the award vests for EPS (before amortisation and exceptional costs) of 6.00 pence with full vesting of this part of the award for EPS of 9.00 pence for the financial year
ending 31 March 2028. A sliding scale operates between these points. 40% of the award is subject to a TSR condition based on the Company’s performance against FTSE SmallCap (excluding investment trusts) measured over four financial
years ending 31 March 2028. 25% of this part of the award vests if the Company’s TSR is at a median of the ranking of the TSRs of the comparator group, with full vesting of this part of the award for upper quartile performance or better. A
sliding scale operates between these points.30% of the award is subject to Free Cash Flow (net cash flow before movement in borrowings, merger and acquisition activity and returns to shareholders) and subject to targets set for FY2028.
25% of this part of the award vests for Free Cash Flow of £20m and full vesting of this part of the award for Free Cash Flow of £30m. A sliding scale operates between these points. Regardless of the preceding performance conditions, the
number of shares which may vest under an award may be reduced (including to zero) where the Remuneration Committee determines that exceptional circumstances exist which mean that the vesting would be inappropriate taking into
account such factors as it considers relevant (including, but not limited to, the overall performance of the Company, any Group member or the relevant Executive Director).
Speedy Hire Plc Annual Report and Accounts 2025
100
Details of the Executive Directors’ interests in share-based awards
1
are as follows:
Executive Director
Interest at 1 April
2024
Options/awards
granted during
the year
Options/awards
exercised during
the year
Options/awards
lapsed during the
year
Interest at
31 March 2025
Exercise price
(pence)
Normal date from which
exercisable/vested to expiry
date (if appropriate)
Dan Evans
PSP 2017
2,3
23,883 – – – 23,883 nil Jun 2020 – Jun 2027
PSP 2018
2,3
60,148 – – – 6 0,14 8 nil May 2021 – May 2028
PSP 2021
2,4
338,120 – – (338,120) – nil Jun 2024 – Jun 2031
PSP 2022
2,5
604,528 – – – 604,528 nil Jun 2025 – Jun 2032
PSP 2023
6
1,212,284 – – – 1,212,284 nil Jul 2026 – Jul 2033
PSP 2024
7
– 5,386,289 – – 5,386,289 nil Jun 2028 – Sept 2034
Total 2,238,963 5,386,289 – (338,120) 7,287,132
Paul Rayner
PSP 2023
6
943,426 – – – 943,426 nil Jul 2026 – Jul 2033
PSP 2024
7
– 3,810,664 – – 3,810,664 nil Jun 2028 – Sept 2034
Total 943,426 3,810,664 – – 4,754,090
1 All PSP awards above were granted as nil-cost options. No consideration was paid for the grant of these options.
2 Granted to Dan Evans prior to his appointment to the Board on 1 October 2022.
3 Vested awards.
4 The performance conditions for the 2021 PSP awards are set out at on page 104 of the Annual Report and Accounts 2024.
5 50% of the 2022 PSP award is subject to an EPS condition. 25% of this part of the award vests for EPS (before amortisation and exceptional costs) of 6.17 pence increasing pro rata to full vesting of this part for EPS of 7.72 pence. 50% of the
2022 PSP award is subject to a relative TSR condition measured against FTSE 250 companies (excluding investment trusts) over three financial years ending 31 March 2025. 25% of this part of the award vests if the Company’s TSR is median
increasing pro rata to full vesting of this part for upper quartile performance or better.
6 The performance conditions for the 2023 PSP awards are set out at ‘Long-term incentive plan awards granted to Executive Directors on page 104 of the Annual Report and Accounts 2024.
7 The performance conditions for the 2024 PSP awards are set out at ‘Long-term incentive plan awards granted to Executive Directors in this year on page 100.
The mid-market closing price of Speedy Hire Plc ordinary shares at 31 March 2025 was 19.00 pence and the range during the year was 19.00 pence to 40.15 pence per share.
Payments to Former Directors
On 2 and 11 April 2024, Russell Down exercised 736,183 and 1,160,279 nil cost PSP awards respectively that were originally granted between 6 August 2015 and 24 May 2018. The total pre-tax gain at exercise
was £485,762.
Dilution
The Performance Share Plan and SAYE share option schemes provide that overall dilution through the issuance of new shares for employee share schemes should not exceed an amount equivalent to 10% of
the Company’s issued share capital over a rolling ten-year period. The Committee monitors the position prior to making awards under these schemes to ensure that the Company remains within the limit. As at
13 June 2025, the latest practicable date before the publication of this Annual Report and Accounts, 9.52% of the 10% limit has been used.
Speedy Hire Plc Annual Report and Accounts 2025
101
Corporate Information
Financial Statements
Governance
Strategic Report
REMUNERATION REPORT CONTINUED
ANNUAL REPORT ON REMUNERATION
Shareholder voting at AGM
The most recent resolutions in respect of the Directors’ Remuneration Policy (2024 AGM) and Directors’ Remuneration Report (2024 AGM) received the following votes from shareholders:
2024 AGM – Remuneration Policy 2024 AGM – Remuneration Report
Total number
of votes % of votes cast
Total number
of votes % of votes cast
For 252,125,891 80.26 322,854,836 99.78
Against 62,015,362 19.74 724,883 0.22
Total votes cast (for and against) 314,141,253 100 323,579,719 100
Votes withheld
1
9,579,557 n/a 141,092 n/a
Total votes cast (including withheld votes) 323,720,810 323,720,811
1
A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes cast ‘For’ and ‘Against’ a resolution.
Directors’ interests in the share capital of the Company (Audited)
The interests of the Directors, including their connected persons, (all of which were beneficial) who held office during FY2025, are set out in the table below:
Legally owned PSP Awards Sharesave Total
Shareholding
requirement
% of salary/fee of
requirement met
Average share
purchase price
1
Director 31 March 2024 31 March 2025 Unvested Vested Unvested 31 March 2025 % % (pence)
Dan Evans – – 7,203,10 1 84,031 – 84,031 200 1 –
Paul Rayner 400,000 650,000 4,754,090 – – 650,000 200 21 0.31
David Shearer 1,106,111 1,356,111 – – – 1,356,111 100 >100 0.40
David Garman 500,000 500,000 – – – 500,000 100 >100 0.49
Rob Barclay 48,000 48,000 – – – 48,000 100 19 0.54
Rhian Bartlett 74,744 74,744 – – – 74,744 100 31 0.57
Shatish Dasani 151,500 301,500 – – – 301,500 100 >100 0.49
Carol Kavanagh 65,075 65,075 – – – 65,075 100 26 0.53
1
Averages of all share purchases made up to 31 March 2025.
Note that only legally owned shares and vested but unexercised PSP awards (on a net of tax basis) count towards the shareholding requirement. Shareholdings are valued on the basis of the average daily closing
share price (of the three months prior to the 31 March 2025 (being 22.50p) and tested against the Directors’ base salary/fee at 31 March 2025).
Between 1 April 2025 and the date of this report, no transactions in the share capital of the Company were made by current Directors (including their connected persons).
Speedy Hire Plc Annual Report and Accounts 2025
102
Comparison of overall performance and pay
The chart below presents the total shareholder return for Speedy Hire Plc compared to that of the FTSE 250 and FTSE SmallCap (both excluding investment trusts). The values indicated in the graph show the
share price growth plus reinvested dividends over a ten-year period from a £100 hypothetical holding of ordinary shares in Speedy Hire Plc and in the index.
Total shareholder return
This graph shows the value, by 31 March 2025, of £100 investment in Speedy Hire on 31 March 2015, compared with the value of £100 invested in the FTSE 250 (excl. Investment Trusts) and FTSE SmallCap (excl.
Investment Trusts) indices on the same day. The other points plotted are the values at intervening financial year-ends. The FTSE 250 and SmallCap indexes have been chosen as appropriate comparators given
that the former was used for the PSP TSR comparator group for the majority of the last ten years and Speedy Hire is currently a constituent of the latter.
The total remuneration figures for the Chief Executive during each of the last ten financial years are shown in the table below. The total remuneration figure includes the annual bonus based on that year’s
performance (FY2016 to FY2025) and PSP awards based on three-year performance periods ending just after the relevant year end. The annual bonus pay-out and PSP vesting level, as a percentage of the
maximum opportunity, are also shown for each of these years.
Russell Down Dan Evans
FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2023 FY2024 FY2025
Single Total Figure of remuneration (£’000s) 409 757 667
1
1,278
1
683 790 735 257 236 492 517
Annual bonus (% of max) – 97% 55% 55% – 71%
3
67% 0% 0% 0% 0%
PSP vesting (% of max) – – 33% 96%
2
50% 49% 0% 0% 0% 0% 0%
Russell Down stepped down and Dan Evans was appointed as Chief Executive during FY2023.
1
Total remuneration for 2018 includes the EPS element of the 2015 PSP grant (of which 15% of the maximum vested). Total remuneration for 2019 includes the TSR element of 2015 PSP grant (of which 18.51% of the maximum vested) and both
the EPS and TSR element of the 2016 PSP grant (of which 96.41% vested).
2
The vesting percentage for 2018 shows the vesting of the 2015 PSP grant (EPS and TSR elements). The vesting percentage for 2019 shows the vesting of the 2016 PSP grant only.
3
The annual bonus potential was limited to 50% of salary over the second half of FY2021.
Speedy Hire Plc Annual Report and Accounts 2025
103
Corporate Information
Financial Statements
Governance
Strategic Report
REMUNERATION REPORT CONTINUED
ANNUAL REPORT ON REMUNERATION
Percentage change in each Director’s total remuneration
The table below shows the percentage change in each Director’s total remuneration (excluding the value of any long-term incentives and pension benefits receivable in the year) between FY2020 and FY2021,
FY2021 and FY2022, FY2022 and FY2023, FY2023 and FY2024, and FY2024 and FY2025 compared to that of the average for all UK and Ireland based employees of the Group (there are no employees of the
Company).
% change from FY2020 to FY2021 % change from FY2021 to FY2022 % change from FY2022 to FY2023 % change from FY2023 to FY2024 % change from FY2024 to FY2025
Salary/Fee Benefits Bonus Salary/Fee Benefits Bonus Salary/Fee Benefits Bonus Salary/Fee Benefits Bonus Salary/Fee Benefits Bonus
Dan Evans
1
n/a n/a n/a n/a n/a n/a n/a n/a n/a 30% (24%) n/a 5% 28% n/a
Paul Rayner
2
n/a n/a n/a n/a n/a n/a n/a n/a n/a 3% n/a n/a 0% 28% n/a
David Shearer (6%) n/a n/a 6% n/a n/a 5% n/a n/a 7% n/a n/a 2% n/a n/a
David Garman 4% n/a n/a 8% n/a n/a 8% n/a n/a 5% n/a n/a 2% n/a n/a
Rob Barclay (5%) n/a n/a 5% n/a n/a 4% n/a n/a 5% n/a n/a 2% n/a n/a
Rhian Bartlett
3
4% n/a n/a 4% n/a n/a 5% n/a n/a 17% n/a n/a 2% n/a n/a
Shatish Dasani
4
n/a n/a n/a 3% n/a n/a 4% n/a n/a 5% n/a n/a 2% n/a n/a
Carol Kavanagh
5
n/a n/a n/a n/a n/a n/a 39% n/a n/a 12% n/a n/a 2% n/a n/a
Average employees (0%) (0%) n/a 12% 0% 11% 6% 0% 75% 5% 0% (96%) 5% 0% 22%
1
Dan Evans was appointed to the Board on 1 October 2022.
2
Paul Rayner was appointed to the Board on 1 July 2023.
3
Rhian Bartlett was appointed to the Board on 1 June 2019. Her 2020 numbers have been pro-rated up to enable a full year on year comparison.
4
Shatish Dasani was appointed to the Board on 1 February 2021. As such, there was no prior year remuneration for 2020. His 2021 numbers have been pro-rated up, to enable a full year on year comparison.
5
Carol Kavanagh was appointed to the Board on 1 June 2021. As such, there was no prior year remuneration for 2021. Her 2022 numbers have been pro-rated up, to enable a full year on year comparison.
Speedy Hire Plc Annual Report and Accounts 2025
104
Pay ratio of the Chief Executive to average employee
The table below compares the ratio of Chief Executive’s pay to the pay of employees at the 25th, median
and 75th percentile as at 31 March 2025 (and for the prior five years).
Year
Method of
calculation
adopted
25th percentile
pay ratio (Chief
Executive: UK
employees)
Median pay ratio
(Chief Executive:
UK employees)
75th percentile
pay ratio (Chief
Executive: UK
employees)
2025 Option A 18:1 16:1 13:1
2024 Option A 18:1 16:1 13:1
2023* Option A 20:1 17:1 13:1
2022 Option A 31:1 26:1 21:1
2021 Option A 37:1 32:1 25:1
2020 Option B 30:1 29:1 22:1
* Given the change in Chief Executive during the FY2023, the Chief Executive’s pay for FY2023 was based on £491,766,
being the total remuneration for both Russell Down and Dan Evans in respect of their qualifying services as Chief
Executive from the single figure table above.
The median, 25th percentile and 75th percentile figures used to determine the above ratios were
calculated by reference to option ‘A’ methodology prescribed under the UK Companies (Miscellaneous
Reporting) Regulations 2018 albeit the total remuneration figures for employees are based on a cash,
rather than accrual basis, in respect of the various annual bonus schemes operated. The Committee
selected this approach as it was felt to produce the most statistically accurate result based on the
available data and to be comparable from year-to-year.
The Committee considers that the median pay ratio disclosed above is consistent with the pay, reward
and progression policies for the Company’s UK employees taken as a whole.
Pay details for the individuals whose 2024/2025 remuneration is at the median, 25th percentile and 75th
percentile amongst UK based employees (and for the prior year) are as follows:
Chief Executive UK Employees
Year 25th percentile Median 75th percentile
Salary £495,000 £28,993 £30,721 £30,550
2025 (Total pay and benefits) (£516,679) (£29,289) (£31,663) (£39,513)
Relative importance of spend on pay
The following table shows the Company’s actual spend on pay (for all employees) relative to
distributions to shareholders by way of dividends and share buybacks.
Year 2024 2025 % change
Staff costs (£’m) 129.1 136.2 5%
Dividends (£’m) 11.8 11.8 0%
£1.3m of the staff costs figures relate to pay for the Executive Directors. This is different from the
aggregate of the single figures for the year under review due to the way in which the share-based
awards are accounted for. The dividend figures relate to amounts paid in the relevant financial year.
This report was approved by the Board on 17 June 2025.
CAROL KAVANAGH
Chair of the Remuneration Committee
Speedy Hire Plc Annual Report and Accounts 2025
105
Corporate Information
Financial Statements
Governance
Strategic Report
SUSTAINABILITY COMMITTEE REPORT
THE SUSTAINABILITY COMMITTEE PRESENTS ITS REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2025
ROB BARCLAY
Chairman of the Sustainability Committee
Objectives
The key function of the Sustainability Committee
is to assist the Board in its oversight of Speedy
Hire’s Environmental, Social and Governance
(ESG) strategy and to provide input to the Board
and other Board Committees on ESG-related
matters as required.
Composition of the
Sustainability Committee
The Sustainability Committee comprises Rob
Barclay (Chairman), Rhian Bartlett and Dan
Evans. Appointments and attendance at meetings
during the year are set out below. Biographies of
the members of the Sustainability Committee are
set out on pages 72 to 73.
The terms of reference of the Sustainability
Committee are reviewed annually by the
Committee and changes proposed to the
Board. The current terms are published on the
Company’s website at speedyhire.com/investors
and are also available in hard copy form on
application to the Company Secretary.
Attendance
The Sustainability Committee met on three
scheduled occasions during the year. Details of
the attendance are set out in the table below.
At the invitation of the Chairman, Speedy Hire’s
ESG Director, Amelia Woodley is invited to attend
Committee meetings.
Sustainability Committee meetings and member
attendance during the year:
Rob Barclay
(Chairman) Non-Executive Director 3/3
Rhian Bartlett
Non-Executive Director 3/3
Dan Evans Chief Executive 3/3
Operation of the Sustainability Committee
The Company Secretary or Assistant Company
Secretary acts as secretary to the Sustainability
Committee. The members of the Sustainability
Committee can, where they judge it necessary to
discharge their responsibilities, obtain independent
professional advice at the Company’s expense.
The Sustainability Committee’s duties include
inter alia:
h reviewing Speedy Hire’s ESG strategy and
execution for the Board;
h engaging with and supporting the
other Board Committees (Audit & Risk,
Remuneration and Nomination Committees)
in respect of ESG matters;
h reviewing and recommending the approval
of the annual Modern Slavery Statement to
the Board;
h overseeing Speedy Hire’s sustainability
disclosures on behalf of the Board, including
approval of the ESG Report, Task Force on
Climate-Related Financial Disclosures and
greenhouse gas emissions;
h monitoring the sustainable development to
the organisation; and
h monitoring developments and emerging best
practice in approaches to ESG matters.
During the year the Sustainability Committee
fulfilled all of the duties set out above. In
particular, the Sustainability Committee
undertook a detailed review of Speedy Hire’s
ESG strategy, execution and progress against
ESG-related targets, including its aim to achieve
net zero by 2040, and execution against its
‘Decade to Deliver’ objectives and targets for
FY2025. The Committee was pleased to note the
launch of the green skills programme involving
the upskilling of colleagues on sustainability
matters and establishing 28 ESG business
partners throughout Speedy Hire via the IEMA
accredited training; our improved ESG rating
achieving EcoVadis Platinum and retaining
CDP-A and ISS Prime status; the decarbonisation
of Scope 1 and Scope 2 emissions by 50%; and
the launch of our Carbon Reporting Tool, part of
our carbon intelligence services and PAS2080
management system, which will enable our
products and services to align with customers’
decarbonisation goals.
This report was approved by the Board on
17 June 2025.
ROB BARCLAY
Chairman of the Sustainability Committee
Speedy Hire Plc Annual Report and Accounts 2025
106
DIRECTORS’ REPORT
This section contains additional information
which the Directors are required by law
and regulation to include within the audited
consolidated Annual Report and Accounts. This
section, along with the Chairman’s statement on
pages 2 and 3, the Strategic Report on pages 1 to
70, the Corporate Governance review on pages
75 to 80 and the reports of the Audit & Risk,
Nomination, Remuneration and Sustainability
Committees on pages 81 to 106, which are
incorporated by reference into this report and are
deemed to form part of this report, constitutes
the Directors’ Report in accordance with the
Companies Act 2006.
Results and dividends
The consolidated loss after taxation for the year
was £1.1m (2024: £2.7m profit). This loss is stated
after a taxation credit of £0.4m (2024: £2.4m
charge) representing an effective rate of 26.7%
(2024: 47.1%). An interim dividend of 0.80 pence
per share was paid during the year. The Directors
propose that a final dividend of 1.80 pence
per share be paid, which, if approved at the
forthcoming Annual General Meeting, would
make a total dividend distribution in respect
of the year of 2.60 pence per share (2024: 2.60
pence). The final dividend, if approved, will be
paid on 19 September 2025 to all shareholders on
the register at 8 August 2025.
Post-balance sheet events
The post-balance sheet events are detailed in
Note 30 to the Financial Statements.
Related party transactions
Except for Directors’ service contracts, the
Company did not have any material transactions
or transactions of an unusual nature with, and did
not make loans to, related parties in the period in
which any Director is or was materially interested.
Buy-back of shares
At the Annual General Meeting held on
5 September 2024, a special resolution was
passed to authorise the Company to make
purchases on the London Stock Exchange of up
to 10% of its ordinary shares. As at 17 June 2025,
no shares had been purchased under this
authority.
Shareholders will be requested to renew this
authority at the forthcoming Annual General
Meeting on 4 September 2025.
Financial instruments
The Group holds and uses financial instruments
to finance its operations and manage its interest
rate and liquidity risks. Full details of the Group’s
arrangements are contained in note 19 to the
Financial Statements.
Going concern
The Directors consider it appropriate to adopt
the going concern basis for the preparation of
the Financial Statements and that the Group has
adequate financial resources and has access
to sufficient borrowing facilities to continue
operating for a period of at least 12 months from
the date of signing these accounts as detailed in
the ‘Going concern basis for the preparation of
the Financial Statements’ section on page 83.
The Directors believe that contingency plans
against known risks, and strong progress
against strategic goals, will allow the Company
to continue to maximise growth opportunities.
Accordingly, as detailed in note 1 to the Financial
Statements (Accounting policies), the Directors
continue to adopt the going concern basis in
preparing the Annual Report and Accounts.
Substantial shareholders
The Company had received notifications from the
following holders of shares with 3% or more of
the total voting rights in the issued share capital
of the Company (excluding treasury shares)
which confirmed the following holdings as at
31 March 2025:
Shareholder name
Percentage of
voting rights
Aberforth Partners LLP 11.01
Schroders Plc 8.08
Jupiter Fund Management Plc 8.07
Martin Currie Investment
Management Limited
4.92
Lombard Odier Asset
Management (Europe) Limited
3.26
FIL Limited 3.00
Between 1 April 2025 and 17 June 2025, the
Company had not received notifications of any
changes in substantial shareholdings or voting
rights, as required the following interests under
the Disclosure Guidance and Transparency Rules.
Directors
The Directors who served during the year and
up to the date of signing, and the interests of
Directors in the share capital of the Company are
set out on page 102.
In accordance with the Company’s Articles of
Association and in compliance with the UK
Corporate Governance Code, all new Directors
submit for election at the first Annual General
Meeting following their appointment and all other
Directors submit for re-election at each Annual
General Meeting.
No Director had any interest, either during or at
the end of the year, in any disclosable contracts
or arrangements, other than a contract of service,
with the Company or any subsidiary company.
No Director had any interest in the shares of any
subsidiary company during the year.
Speedy Hire Plc Annual Report and Accounts 2025
107
Corporate Information
Financial Statements
Governance
Strategic Report
Equal opportunities
The Group employed 3,301 people in the UK and
Ireland as at 31 March 2025.
The Group has a clear policy that employees are
recruited and promoted solely based on aptitude
and ability. The Group does not discriminate in
any way in respect of race, sex, marital status,
age, religion, disability or any other characteristic
of a similar nature. In the case of disability,
bearing in mind the aptitude of the applicant
concerned, all reasonable adjustments are
considered, and training provided, to enable
employment or continued employment as well as
to ensure that any disabled employees receive
equal treatment in matters such as career
development, promotion and training. Managers
at all levels are trained and developed to adhere
to and promote this goal, including receiving
training specifically on diversity, equity and
inclusion matters. Further information on equal
opportunities within the Group is set out on page
39 of the Strategic Report, along with details of
the gender balance of those personnel in senior
management and their reports.
Employee involvement
The Group actively promotes employee
involvement in order to achieve a shared
commitment from all employees to the success
of the businesses in which they are employed.
To support this, updates on the Group’s
performance (including factors affecting
performance) are provided to employees through
the Chief Executive’s ‘Up to Speed’ and ‘The
Hub’ communications, which are available
on all Company devices. The Group has also
established a Colleague Consultative Committee
in which representatives from different business
areas meet on a six-monthly basis with the Chief
Executive and the Chief People Officer. Rhian
Bartlett in her capacity as the designated Non-
Executive Director for employee engagement
annually attends this meeting. Her attendance
helps ensure the employee voice is heard in the
boardroom. This enables a greater understanding
of workforce concerns and their consideration
in Board decisions. Further illustrations are on
pages 39 to 40 along with other methods of
engagement with the workforce.
The Board believes in the effectiveness of
financial incentives. It is the Group’s policy
that employees should generally be eligible to
participate either in Company incentive schemes
or local tactical campaigns as soon as practicable
after joining the Group, following the conclusion
of any relevant probationary period. Details of
annual incentive arrangements for Executive
Directors are summarised in the Remuneration
Committee’s Report on pages 88 to 105.
The Group has a people strategy in place
aimed at being an employer of choice, as can
be seen on page 20 of the Strategic Report.
The Group makes a number of commitments to
its employees, including pay, engagement and
development.
The Board sees employee engagement as a key
part of its success. Further details of how the
Board engages with employees and how it has
regard for their interests and views can be seen
on pages 39 to 40 of the Strategic Report.
Exercise of Board powers
In performing its duty to promote the success
of the Company and the wider Group, the Board
is committed to effective engagement and
the fostering of relationships with all relevant
stakeholders which is illustrated on pages 58 to
61. To help facilitate this, monthly management
reporting to the Board addresses key matters
concerning relevant customers, suppliers,
investors, employees, regulators and the
environment. These reports are considered in the
Board’s discussions and influence its decision-
making process allowing regard to the matters
within Section 172 of the Companies Act 2006.
Further information and a statement on how the
Directors have had regard to the matters set out
in Section 172 when discharging their duties is
provided on page 58 of the Strategic Report.
Disclosure of information to auditors
The Directors who held office at the date of
approval of this Directors’ Report confirm that, so
far as they are each aware, there is no relevant
audit information of which the Company’s
auditors are unaware and each Director has taken
all the steps that he or she ought to have taken
as a Director to make himself or herself aware of
any relevant audit information and to establish
that the Company’s auditors are aware of that
information. This confirmation is given and should
be interpreted in accordance with the provisions
of Section 418 of the Companies Act 2006.
Independent Auditors
PricewaterhouseCoopers LLP (‘PwC’) was
reappointed at the Annual General Meeting of
the Company held on 5 September 2024 and
its appointment expires at the conclusion of
this year’s Annual General Meeting. PwC has
expressed its willingness to continue as external
auditors of the Group. Separate resolutions
proposing the re-appointment of PwC and to
authorise the Directors to determine the auditors’
remuneration will be put to the forthcoming
Annual General Meeting on 4 September 2025.
Capital structure
As at 31 March 2025, the Company’s share capital
comprised a single class of ordinary shares of 5
pence each. As at 31 March 2025 the issued share
capital was 516,983,637 comprising ordinary
shares of 5 pence each, of which 55,141,657 were
held in treasury. There are no special rights or
obligations attaching to the ordinary shares.
Restrictions on share transfers
The Company’s Articles of Association provide
that the Company may refuse to transfer shares in
the following customary circumstances:
h where the share is not a fully paid share;
h where the share transfer has not been
duly stamped with the correct amount of
stamp duty;
h where the transfer is in favour of more than
four joint transferees;
h where the share is a certificated share and
is not accompanied by the relevant share
certificate(s) and such other evidence as the
Board may reasonably require to prove the
title of the transferor; or
h in certain circumstances where the
shareholder in question has been issued with
a notice under Section 793 of the Companies
Act 2006.
DIRECTORS’ REPORT CONTINUED
Speedy Hire Plc Annual Report and Accounts 2025
108
These restrictions are in addition to any which are
applicable to all UK listed companies imposed by
law or regulation.
Shares with special rights
There are no shares in the Company with special
rights with regard to control of the Company.
Restrictions on voting rights
The Notice of Annual General Meeting specifies
deadlines for exercising voting rights and
appointing a proxy or proxies to vote in relation
to resolutions to be passed at the Annual
General Meeting. All proxy votes are counted
and the numbers for, against or withheld in
relation to each resolution are announced at the
Annual General Meeting and published on the
Company’s website after the meeting.
Agreements which may result in
restrictions on share transfers
The Company is not aware of any agreements
between shareholders which may result in
restrictions on the transfer of securities and/or on
voting rights.
Appointment and replacement of
Directors
The Company’s Articles of Association provide
that all Directors must stand for election at the
first Annual General Meeting after having been
appointed by the Board. Thereafter a Director will
retire from office at each annual general meeting
and submit to re-election.
Articles of Association
The Company’s Articles of Association may be
amended by special resolution of the Company’s
shareholders.
Directors’ powers
At the Annual General Meeting to be held on
4 September 2025, shareholders will be asked to
renew the Directors’ power to allot shares and
buy back shares in the Company and to renew
the disapplication of pre-emption rights, in each
case capped in line with the requirements of
current best practice.
Change of control – significant
agreements
There are no significant agreements to which
the Company is a party that may take effect,
alter or terminate upon a change of control
following a takeover bid other than in relation
to: (i) employee share schemes; and (ii) the
Company’s borrowings, which would become
repayable on a takeover being completed. Shares
in the Company are held in the Speedy Hire
Employee Benefits Trust (‘Trust’) for the purpose
of satisfying awards made under the Company’s
Performance Share Plan. Unless otherwise
directed by the Company, the Trustees of the
Trust abstain from voting on any shares held
in the Trust in respect of which the beneficial
interest has not vested in any beneficiary. In
relation to shares held in the Trust where the
beneficial interest has vested in a beneficiary,
the beneficiary can direct the Trustees how to
vote. As at 17 June 2025 the Trust held 1,329,911
shares in the Company (0.26% of the issued share
capital).
Compensation for loss of office
There are no agreements between the Company
and its Directors or employees providing for
compensation for loss of office or employment
(whether through resignation, purported
redundancy or otherwise) that occurs in the event
of a bid for the Company or takeover.
Directors’ indemnities
Throughout the financial year and at the date
of approval of the Financial Statements, the
Company has purchased and maintained
Directors’ and Officers’ liability insurance in
respect of itself and its Directors.
As permitted by the Companies Act 2006 and
the Company’s articles of association, it is the
Company’s policy to indemnify its Directors.
Qualifying deeds of third party indemnity are put
in place for all Directors on appointment.
Political contributions
No political donations were made during the year
(2024: nil).
Research and Development
The Company continued to undertake research
and development activities in order to develop its
information technology, including its enterprise
resource planning (‘ERP’) system and digital
platforms.
Carbon and Energy Reporting
All disclosures concerning the Group’s carbon
and energy consumption (as required under
The Companies (Directors’ Report) and Limited
Liability Partnerships (Energy and Carbon
Report) Regulations 2018) are included in the
ESG section of the Strategic Report on pages
28 to 56.
Annual General Meeting
The Company’s Annual General Meeting will
be held at Addleshaw Goddard LLP, Milton
Gate, 60 Chiswell Street, London, EC1Y 4AG on
4 September 2025 at 11:00am. A formal Notice of
Meeting, an explanatory circular and a form of
proxy will be sent separately to shareholders.
This report was approved by the Board on
17 June 2025 and signed on its behalf by:
DAN EVANS
Chief Executive
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109
Corporate Information
Financial Statements
Governance
Strategic Report
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
IN RESPECT OF THE ANNUAL REPORT AND ACCOUNTS
The Directors are responsible for preparing the Annual Report and Accounts in accordance with applicable law and regulations.
Company law requires the Directors to prepare
financial statements for each financial year. Under
that law, the Directors have prepared the Group
and the Parent Company financial statements
in accordance with UK-adopted international
accounting standards.
Under company law, Directors must not approve
the financial statements unless they are satisfied
that they give a true and fair view of the state
of affairs of the Group and Parent Company
and of the profit or loss of the Group and
Parent Company for that period. In preparing
the financial statements, the Directors are
required to:
h select suitable accounting policies and then
apply them consistently;
h state whether applicable UK-adopted
international accounting standards have been
followed, subject to any material departures
disclosed and explained in the financial
statements;
h make judgements and accounting estimates
that are reasonable and prudent; and
h prepare the financial statements on the going
concern basis unless it is inappropriate to
presume that the Group and Parent Company
will continue in business.
The Directors are responsible for safeguarding
the assets of the Group and Parent Company
and hence for taking reasonable steps for the
prevention and detection of fraud and other
irregularities.
The Directors are also responsible for keeping
adequate accounting records that are sufficient
to show and explain the Group’s and Parent
Company’s transactions and disclose with
reasonable accuracy at any time the financial
position of the Group and Parent Company
and enable them to ensure that the financial
statements and the Directors’ Remuneration
Report comply with the Companies Act 2006.
The Directors are responsible for the maintenance
and integrity of the Parent Company’s website.
Legislation in the United Kingdom governing
the preparation and dissemination of financial
statements may differ from legislation in other
jurisdictions.
Directors’ confirmations
The Directors consider that the Annual Report
and accounts, taken as a whole, is fair, balanced
and understandable and provide the information
necessary for shareholders to assess the Group’s
and Parent Company’s position and performance,
business model and strategy.
Each of the Directors, whose names and
functions are listed in Board of Directors, confirm
that, to the best of their knowledge:
h the Group and Parent Company financial
statements, which have been prepared in
accordance with UK-adopted international
accounting standards, give a true and fair
view of the assets, liabilities and financial
position of the Group and Parent Company,
and of the profit of the Group; and
h the Strategic Report includes a fair review
of the development and performance of the
business and the position of the Group and
Parent Company, together with a description
of the principal risks and uncertainties that
it faces.
In the case of each Director in office at the date
the Directors’ Report is approved:
h so far as the Director is aware, there is no
relevant audit information of which the
Group’s and Parent Company’s auditors are
unaware; and
h they have taken all the steps that they ought
to have taken as a Director in order to make
themselves aware of any relevant audit
information and to establish that the Group’s
and Parent Company’s auditors are aware of
that information.
Approved by the Board on 17 June 2025 and
signed on its behalf by:
DAVID SHEARER
Chairman
DAN EVANS
Chief Executive
Speedy Hire Plc Annual Report and Accounts 2025
110
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF SPEEDY HIRE PLC
REPORT ON THE AUDIT OF
THE FINANCIAL STATEMENTS
Qualified opinion
In our opinion, except for the possible effects of
the matter described in the Basis for qualified
opinion paragraph below, Speedy Hire Plc’s
group financial statements and parent company
financial statements (the “financial statements”):
h give a true and fair view of the state of the
group’s and of the parent company’s affairs as
at 31 March 2025 and of the group’s loss and
the group’s and parent company’s cash flows
for the year then ended;
h have been properly prepared in accordance
with UK-adopted international accounting
standards as applied in accordance with the
provisions of the Companies Act 2006; and
h have been prepared in accordance with the
requirements of the Companies Act 2006.
We have audited the financial statements,
included within the Annual Report and Accounts
2025 (the “Annual Report”), which comprise: the
Consolidated and Company Balance Sheets as at
31 March 2025; the Consolidated Income Statement,
the Consolidated Statement of Comprehensive
Income, the Consolidated and Company Statements
of Changes in Equity, and the Consolidated and
Company Cash Flow Statements for the year then
ended; and the notes to the financial statements,
comprising material accounting policy information
and other explanatory information.
Our opinion is consistent with our reporting to the
Audit and Risk Committee.
Basis for qualified opinion
As at 31 March 2023, the Group had Property,
plant and equipment of £237.7m recorded on
the balance sheet and recorded an exceptional
asset write-down of £20.4m. For the audit in
relation to the year ended 31 March 2023, as a
result of weaknesses in the Group’s historical
record-keeping in respect of Property, plant
and equipment, we were unable satisfactorily
to complete our testing of assets between
physical asset counts and the Group’s asset
registers. Consequently, we were unable to obtain
sufficient appropriate audit evidence in respect
of these assets, and we were therefore unable to
determine whether any further adjustments were
necessary to Property, plant and equipment as at
31 March 2023, and the related asset write-down,
depreciation charges and any associated tax
impact recorded in that year. Since the Property,
plant and equipment balance as at 31 March 2023
entered into the determination of the financial
performance and cash flows for the year ended
31 March 2024, we were unable to determine
whether adjustments might have been necessary
in respect of the profit for the year ended
31 March 2024 reported in the Consolidated
Income Statement and the net cash flows from
operating activities reported in the Consolidated
Cash Flow Statement for the year ended
31 March 2024. Our audit opinion on the financial
statements for the year ended 31 March 2024 was
modified accordingly. As a result, our opinion on
the current year’s financial statements is modified
due to the possible effect of the matter on the
comparability of the current year’s figures and
corresponding figures presented.
We conducted our audit in accordance with
International Standards on Auditing (UK) (“ISAs
(UK)”) and applicable law. Our responsibilities
under ISAs (UK) are further described in the
Auditors’ responsibilities for the audit of the
financial statements section of our report. We
believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for
our qualified opinion.
Independence
We remained independent of the group in
accordance with the ethical requirements that are
relevant to our audit of the financial statements in
the UK, which includes the FRC’s Ethical Standard,
as applicable to listed public interest entities, and
we have fulfilled our other ethical responsibilities in
accordance with these requirements.
To the best of our knowledge and belief, we
declare that non-audit services prohibited by the
FRC’s Ethical Standard were not provided.
Other than those disclosed in note 4, we have
provided no non-audit services to the parent
company or its controlled undertakings in the
period under audit.
Our audit approach
Overview
Audit scope
h The group is organised into 8 operating legal
entities within the UK and Ireland. The group
has a further 9 dormant entities. The group
financial statements are a consolidation of
these legal entities and the consolidation
journals, including the accounting for the two
joint ventures in the UK and Kazakhstan.
h Of the 8 operating legal entities, we identified
2 which, in our view, required an audit of their
complete financial information, either due
to their size or risk characteristics. We also
audited material consolidation journals.
h We also engaged a component team in
Kazakhstan to perform a full scope audit of
Speedy Zholdas LLP, one of the joint ventures
disclosed within the financial statements as at
31 December 2024 (the company’s year end).
h On the remaining 6 operating legal entities
which were not subject to an audit of their
complete financial information, we performed
audit procedures on specific balances over 4
of these legal entities to respond to potential
risks of material misstatement to the group
financial statements. The remaining 2 legal
entities are considered to be inconsequential
components.
h This covered 97.9 per cent of the group’s
revenue and 97.4 per cent of the group’s
Adjusted profit before tax. These coverages
are based on absolute values.
Key audit matters
h Basis for qualified opinion in relation to
the comparability of property, plant and
equipment
h Completeness and valuation of dilapidation
provision (group)
h Presentation and disclosure of non underlying
items (group)
h Carrying value of goodwill, intangible assets
and property, plant and equipment in the Hire
CGU (group)
h Valuation of investments in subsidiaries
and recoverability of amounts owed by
subsidiaries (parent)
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Strategic Report
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF SPEEDY HIRE PLC CONTINUED
Materiality
h Overall group materiality: £4.2m (FY24:
£4.2m) based on 1% of revenue.
h Overall parent company materiality: £3.9m
(FY24: £3.8m) based on 1% of total assets.
h Performance materiality: £3.1m (FY24: £2.1m)
(group) and £2.9m (FY24: £1.9m) (parent
company).
The scope of our audit
As part of designing our audit, we determined
materiality and assessed the risks of material
misstatement in the financial statements.
Key audit matters
Key audit matters are those matters that, in
the auditors’ professional judgement, were of
most significance in the audit of the financial
statements of the current period and include
the most significant assessed risks of material
misstatement (whether or not due to fraud)
identified by the auditors, including those which
had the greatest effect on: the overall audit
strategy; the allocation of resources in the audit;
and directing the efforts of the engagement
team. These matters, and any comments we
make on the results of our procedures thereon,
were addressed in the context of our audit of the
financial statements as a whole, and in forming
our opinion thereon, and we do not provide a
separate opinion on these matters.
Other than the matter described in the Basis for
qualified opinion paragraph above, we determined
the matters described below to be the key audit
matters to be communicated in our report. This is
not a complete list of all risks identified by our audit.
Carrying value of goodwill, intangible assets and
property, plant and equipment in the Hire CGU
is a new key audit matter this year. Existence of
Property, plant and equipment, which was a key
audit matter last year, is no longer included because
of the improvements in the control environment
noted since 2023, although the audit report is
qualified only in relation to the comparability of
the financial statements. Otherwise, the key audit
matters below are consistent with last year.
Key audit matter How our audit addressed the key audit matter
Completeness and valuation of dilapidation provision (group)
Refer to the Consolidated financial statements note 1 - Summary of material
accounting policy information and the Consolidated financial statements note
22 - Provisions
Dilapidation provisions are recognised by the Group, representing
management’s best estimate of the contractual cost to restore leased
premises to their original condition upon the Group’s exit of a lease. The total
liability of £14.1m (2024: 16.4m) is material to the Group financial statements.
Management utilised an independent expert in the prior year to form the basis
of the dilapidations provision which was adjusted using internal expertise and
based on historic experience. The nature of the adjustments were reviewed
in the prior year by the independent expert and deemed reasonable. The
provision has been reassessed by management in the current year to update
for new circumstances and to reflect latest experience. The valuation of
the liability involves significant judgement. In arriving at the estimate of the
liability, management is required to make a number of assumptions.
As a result, this remains a judgemental area with a significant value involved
and is therefore deemed to be a Key Audit Matter.
We have performed the following audit procedures in relation to the dilapidations provision:
We have agreed the underlying inputs into the calculations to supporting documentation;
We have performed a mathematical and accuracy check over the calculation;
We have assessed the completeness of the provision by agreeing the inputs to underlying lease agreements;
We have reviewed management’s paper on the assumptions and corroborated these to supporting evidence;
We developed an independent estimated range of the potential provision based on historic landlord claims and settlement
amounts compared with management’s expert’s estimate. We note management’s adjusted provision sits within this range;
and
We have considered the sensitivity disclosures recorded in the financial statements in respect of management’s judgement.
As a result of these procedures, the amounts recorded, and disclosures made in the financial statements were consistent with
the supporting evidence obtained.
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112
Key audit matter How our audit addressed the key audit matter
Presentation and disclosure of non underlying items (group)
Refer to the Consolidated financial statements note 1 - Summary of material
accounting policy information and the Consolidated financial statements note 3 -
non-underlying items.
Non-underlying items of £9.6m (2024: £9.0m) are material to the Group financial
statements.
Non-underlying items require judgement by the Directors when identifying and
justifying their separate disclosure. Consistency in identifying and disclosing
items as non-underlying is also important to maintain comparability of the overall
results.
This is deemed to be a Key Audit Matter as the amount is significant and the
presentation and disclosure requires judgement.
We have performed the following audit procedures in relation to non-underlying items, focusing primarily on presentation and
disclosure:
We have performed substantive testing over non-underlying costs to supporting evidence on a sample basis;
We have assessed the rationale for management’s classification of non-underlying items, understanding each material
category and considering whether the treatment is consistent with the Group’s accounting policy; and
We have ensured that adequate disclosures are made within the financial statements around the non-underlying costs.
As a result of these procedures, the amounts recorded, and the disclosures made in the financial statements were materially
consistent with the supporting evidenced obtained.
Carrying value of goodwill, intangible assets and property, plant and
equipment in the Hire CGU (group)
Refer to the Consolidated financial statements note 1 - Summary of material
accounting policy information and the Consolidated financial statements note
12 - Intangible assets.
Goodwill of £27.4 million (2024: £27.4m) is split across two cash-generating
units (CGUs) that are considered annually for impairment. Of the £27.4m,
£26.4m relates to the Hire CGU.
Management have performed their annual impairment assessment using a
value-in-use model in which no impairment has been identified. The model
for the Hire CGU incorporates a number of estimates, including trading
performance which we consider to be most relevant to the risk of impairment.
Management have sensitised the value-in-use model to assess the financial
impact of key assumptions that they believe have a reasonable likelihood of
occurrence.
This is deemed to be a Key Audit Matter as the balance is material and the
valuation requires estimation.
In assessing the appropriateness of valuation of goodwill we have performed the following procedures:
We evaluated and assessed the Group’s future cash flow forecasts and tested the underlying value in use calculations, and we
performed a mathematical accuracy check over the model;
We compared the Group’s forecasts to the latest Board approved budget and found them to be consistent;
We discussed the cash flow forecasts with management and compared the growth assumptions to external market research in order
to identify any inconsistencies;
We have assessed management’s assumptions for margins by comparing to historical data;
We compared actual results with previous forecasts to assess the historical accuracy of managements’ forecasting;
We have utilised specialists to assess management’s key assumptions for long-term growth rates and discount rates;
We challenged management to the extent of which climate change has been reflected within management’s impairment assessment
process;
We considered the possibility of management bias throughout the assumptions used and considered any contradictory evidence;
We performed additional sensitivities analysis and ‘stress tests’ as part of our challenge of management’s model; and
We have reviewed and challenged the disclosures made regarding the assumptions and sensitivities applied by management and
we are satisfied that these are appropriate.
As a result of these procedures, we were satisfied with the Directors’ conclusion that no impairment was required for the current year.
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Corporate Information
Financial Statements
Governance
Strategic Report
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF SPEEDY HIRE PLC CONTINUED
Key audit matter How our audit addressed the key audit matter
Valuation of investments in subsidiaries and recoverability of amounts
owed by subsidiaries (parent)
Refer to the Company financial statements note 32 - Investments and the
Company financial statements note 33 -Trade and other receivables and note
34 - trade and other payables.
Investments in related undertakings of £93.5m (2024: £93.5m) are material
to the Company financial statements. Due to the decline in performance
versus budget, impairment indicators exist in respect of the investment in
related undertakings in the current year and management has assessed these
balances for impairment.
Given the magnitude of this balance, and the determination that impairment
triggers exist, we have considered the risk of impairment of these assets as a
Key Audit Matter.
The amounts owed by Group undertakings of £290.7m (2024: £275.6m) are
stated after an expected credit loss impairment of £44.0m (2024: £44.0m)
recognised of which there was a charge of £nil (2024: £0.1m) in the year. Given
the magnitude of this balance, and the management judgement involved in
determining whether any impairment exists, we have considered the risk of
impairment of these assets as a Key Audit Matter.
Investments in subsidiaries
We have performed the following audit procedures in relation to the carrying value of investments utilising our work in relation to
the carrying value of goodwill:
We evaluated and assessed the Company’s investments in related undertakings with reference to the Group’s future cash
flow forecasts;
We checked the allocation of the cash flows by legal entity and the process by which they were drawn up and performed a
mathematical and accuracy check over the model;
We tested the underlying value-in-use calculations by comparing the Group’s forecasts to the latest Board approved budget and
found them to be consistent;
We discussed the cash flow forecasts with management and compared these to external market research in order to identify
any inconsistencies;
We assessed the appropriateness of the discount rates and long-term growth rates by using valuations experts;
We compared the current period’s actual results with previous forecasts to assess historical accuracy of the forecasts;
We considered the possibility of management bias throughout the assumptions used and considered any contradictory evidence;
Amounts owed by Group undertakings
We have performed the following audit procedures in relation to the recoverability of intercompany balances:
We have obtained management’s intercompany recoverability model and assessed whether the expected credit loss ‘general
approach’ methods applied were materially consistent with IFRS 9;
We checked the calculations within the model and agreed the figures included to the relevant financial information included in the
Group consolidation schedules;
We have obtained evidence that supports the extent to which the counterparty could repay amounts in full, if demanded; and
We assessed the adequacy of the disclosure provided in the Company financial statements in relation to the relevant accounting
standards.
As a result of these procedures, we were satisfied with the Directors’ conclusion that an expected credit loss allowance of £44.0m
is appropriate.
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114
How we tailored the audit scope
We tailored the scope of our audit to ensure that
we performed enough work to be able to give an
opinion on the financial statements as a whole,
taking into account the structure of the group and
the parent company, the accounting processes
and controls, and the industry in which they
operate.
The group is organised into 8 operating legal
entities within the UK and Ireland. The group has
a further 9 dormant entities included within the
consolidation. The group financial statements
are a consolidation of these legal entities
and the consolidation journals, including the
accounting for the 2 joint ventures in the UK
and Kazakhstan. The legal entities vary in size
and we identified 2 legal entities that required
an audit of their complete financial information
due to their individual size or risk characteristics.
The work over these 2 entities was completed
by the group audit team. Of these components,
we have identified 1 component which we
considered to be significant based on size. We
also audited material consolidation journals. The
parent company is the other legal entity which
was subject to a full scope audit by the group
engagement team.
We also engaged a component team in
Kazakhstan to perform a full scope audit of
Speedy Zholdas LLP, one of the joint ventures
disclosed within the financial statements as at
31 December 2024 (the company’s year end). The
group audit team supervised the direction and
execution of the audit procedures performed by
the component team. Our involvement in their
audit process, including attending the component
clearance meeting, review of the supporting
working papers, together with the additional
procedures performed at group level, gave us the
evidence required for our opinion on the financial
statements as a whole.
On the remaining 6 operating legal entities
which were not subject to an audit of their
complete financial information, we performed
audit procedures on specific balances over 4 of
these legal entities to respond to potential risks
of material misstatement to the group financial
statements.
In the 4 legal entities where audits of specific
balances were performed, this included audit
procedures over expenses; non-underlying items;
intangible assets; property, plant and equipment
and prepayments in order to obtain the evidence
required for our opinion on the financial
statements as a whole. The work performed
accounted for 97.9 per cent of the group’s revenue
and 97.4 per cent of the group’s Adjusted profit
before tax.
The remaining 2 legal entities are considered to
be inconsequential components.
The impact of climate risk on our audit
As part of our audit we made enquiries of
management to understand the process
management adopted to assess the extent of the
potential impact of climate risk on the Group’s
financial statements and support the disclosures
made within the financial statements.
We challenged the completeness of
management’s climate risk assessment by:
reading external reporting made by management;
challenging the consistency of management’s
climate impact assessment with internal climate
plans and board minutes; and reading the entity’s
website / communications for details of climate
related impacts.
Management has made commitments to
become net zero by 2040. This commitment
does not directly impact financial reporting, as
management has not yet developed a detailed
pathway on how exactly they will deliver this
commitment and will only be able to model
the impact further into the journey to net zero.
Management’s budget and strategy include costs
associated with the overall sustainability strategy.
Management considers the impact of climate risk
does not give rise to a potential material financial
statement impact.
We considered the consistency of the disclosures
in relation to climate change (including the
disclosures in the Task Force on Climate-related
Financial Disclosures (TCFD) section) within the
Annual Report with the financial statements and
our knowledge obtained from our audit.
Our procedures did not identify any material
impact in the context of our audit of the financial
statements as a whole, or our key audit matters
for the period ended 31 March 2025.
Materiality
The scope of our audit was influenced by
our application of materiality. We set certain
quantitative thresholds for materiality. These,
together with qualitative considerations, helped
us to determine the scope of our audit and the
nature, timing and extent of our audit procedures
on the individual financial statement line items
and disclosures and in evaluating the effect of
misstatements, both individually and in aggregate
on the financial statements as a whole.
Based on our professional judgement, we
determined materiality for the financial
statements as a whole as follows:
Financial statements - group Financial statements - parent company
Overall
materiality
£4.2m (FY24: £4.2m). £3.9m (FY24: £3.8m).
How we
determined it
1% of revenue 1% of total assets
Rationale for
benchmark
applied
We considered materiality in a number of
different ways, and used our professional
judgement having applied ‘rule of thumb’
percentages to a number of potential
benchmarks. On the basis of this, we
concluded that 1% of revenue is an
appropriate level of materiality considering
the overall scale of the business.
We believe that calculating statutory
materiality based on 1% of total assets
is a typical primary measure for users
of the financial statements of holding
companies, and is a generally accepted
auditing benchmark.
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Governance
Strategic Report
For each component in the scope of our group
audit, we allocated a materiality that is less
than our overall group materiality. The range of
materiality allocated across components was
£0.1m - £3.8m. Certain components were audited
to a local statutory audit materiality that was also
less than our overall group materiality.
We use performance materiality to reduce to
an appropriately low level the probability that
the aggregate of uncorrected and undetected
misstatements exceeds overall materiality.
Specifically, we use performance materiality
in determining the scope of our audit and the
nature and extent of our testing of account
balances, classes of transactions and disclosures,
for example in determining sample sizes. Our
performance materiality was 75% (FY24: 50%)
of overall materiality, amounting to £3.1m (FY24:
£2.1m) for the group financial statements and
£2.9m (FY24: £1.9m) for the parent company
financial statements.
In determining the performance materiality, we
considered a number of factors - the history of
misstatements, risk assessment and aggregation
risk and the effectiveness of controls - and
concluded that an amount at the upper end of our
normal range was appropriate.
We agreed with the Audit and Risk Committee
that we would report to them misstatements
identified during our audit above £0.2m (group
audit) (FY24: £0.2m) and £0.2m (parent company
audit) (FY24: £0.2m) as well as misstatements
below those amounts that, in our view, warranted
reporting for qualitative reasons.
Conclusions relating to
going concern
Our evaluation of the directors’ assessment of
the group’s and the parent company’s ability to
continue to adopt the going concern basis of
accounting included:
h We obtained management’s assessment
that supports the Board’s conclusions
with respect to the disclosures provided
around going concern and evaluated the
mathematical accuracy of the cash flow
model used for this assessment;
h We corroborated the key assumptions to third
party evidence and/or our knowledge of the
business;
h We have obtained management’s severe but
plausible downside and we compared the
current period’s actual results with previous
forecasts to assess historical accuracy of the
forecasts in addition to performing “stress
tests” of the model;
h We have reviewed the terms of the Revolving
Credit Facility (“RCF”) and private placement
term loan entered into post year end, and
management’s analysis of both liquidity and
covenant compliance to satisfy ourselves that
no breaches are anticipated over the period
of assessment;
h We assessed the availability of liquid
resources under different scenarios modelled
by management, and the impact to the
associated covenant tests required; and
h We obtained the most recent management
accounts and assessed the liquidity position
post-year end
Based on the work we have performed, we
have not identified any material uncertainties
relating to events or conditions that, individually
or collectively, may cast significant doubt on
the group’s and the parent company’s ability
to continue as a going concern for a period of
at least twelve months from when the financial
statements are authorised for issue.
In auditing the financial statements, we have
concluded that the directors’ use of the going
concern basis of accounting in the preparation of
the financial statements is appropriate.
However, because not all future events or
conditions can be predicted, this conclusion is
not a guarantee as to the group’s and the parent
company’s ability to continue as a going concern.
In relation to the directors’ reporting on how they
have applied the UK Corporate Governance Code,
we have nothing material to add or draw attention
to in relation to the directors’ statement in the
financial statements about whether the directors
considered it appropriate to adopt the going
concern basis of accounting.
Our responsibilities and the responsibilities of
the directors with respect to going concern are
described in the relevant sections of this report.
Reporting on other information
The other information comprises all of the
information in the Annual Report other than the
financial statements and our auditors’ report
thereon. The directors are responsible for the
other information. Our opinion on the financial
statements does not cover the other information
and, accordingly, we do not express an audit
opinion or, except to the extent otherwise
explicitly stated in this report, any form of
assurance thereon.
In connection with our audit of the financial
statements, our responsibility is to read the other
information and, in doing so, consider whether
the other information is materially inconsistent
with the financial statements or our knowledge
obtained in the audit, or otherwise appears to be
materially misstated. If we identify an apparent
material inconsistency or material misstatement,
we are required to perform procedures
to conclude whether there is a material
misstatement of the financial statements or a
material misstatement of the other information.
If, based on the work we have performed, we
conclude that there is a material misstatement of
this other information, we are required to report
that fact. We have nothing to report based on
these responsibilities.
With respect to the Strategic report and Directors’
Report, we also considered whether the
disclosures required by the UK Companies Act
2006 have been included.
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF SPEEDY HIRE PLC CONTINUED
Speedy Hire Plc Annual Report and Accounts 2025
116
Based on our work undertaken in the course of
the audit, the Companies Act 2006 requires us
also to report certain opinions and matters as
described below.
Strategic report and Directors’ Report
In our opinion, based on the work undertaken in
the course of the audit, the information given in
the Strategic report and Directors’ Report for the
year ended 31 March 2025 is consistent with the
financial statements and has been prepared in
accordance with applicable legal requirements.
In light of the knowledge and understanding
of the group and parent company and their
environment obtained in the course of the audit,
we did not identify any material misstatements in
the Strategic report and Directors’ Report.
Directors’ Remuneration
In our opinion, the part of the Remuneration
Report to be audited has been properly prepared
in accordance with the Companies Act 2006.
Corporate governance
statement
The Listing Rules require us to review the
directors’ statements in relation to going
concern, longer-term viability and that part of the
corporate governance statement relating to the
parent company’s compliance with the provisions
of the UK Corporate Governance Code specified
for our review. Our additional responsibilities with
respect to the corporate governance statement as
other information are described in the Reporting
on other information section of this report.
Based on the work undertaken as part of our
audit, we have concluded that each of the
following elements of the corporate governance
statement is materially consistent with the
financial statements and our knowledge obtained
during the audit, and we have nothing material to
add or draw attention to in relation to:
h The directors’ confirmation that they have
carried out a robust assessment of the
emerging and principal risks;
h The disclosures in the Annual Report
that describe those principal risks, what
procedures are in place to identify emerging
risks and an explanation of how these are
being managed or mitigated;
h The directors’ statement in the financial
statements about whether they considered it
appropriate to adopt the going concern basis
of accounting in preparing them, and their
identification of any material uncertainties
to the group’s and parent company’s ability
to continue to do so over a period of at least
twelve months from the date of approval of
the financial statements;
h The directors’ explanation as to their
assessment of the group’s and parent
company’s prospects, the period this
assessment covers and why the period is
appropriate; and
h The directors’ statement as to whether they
have a reasonable expectation that the parent
company will be able to continue in operation
and meet its liabilities as they fall due over
the period of its assessment, including any
related disclosures drawing attention to any
necessary qualifications or assumptions.
Our review of the directors’ statement regarding
the longer-term viability of the group and parent
company was substantially less in scope than an
audit and only consisted of making inquiries and
considering the directors’ process supporting
their statement; checking that the statement is in
alignment with the relevant provisions of the UK
Corporate Governance Code; and considering
whether the statement is consistent with the
financial statements and our knowledge and
understanding of the group and parent company
and their environment obtained in the course of
the audit.
In addition, based on the work undertaken as part
of our audit, we have concluded that each of the
following elements of the corporate governance
statement is materially consistent with the
financial statements and our knowledge obtained
during the audit:
h The directors’ statement that they consider
the Annual Report, taken as a whole, is fair,
balanced and understandable, and provides
the information necessary for the members
to assess the group’s and parent company’s
position, performance, business model and
strategy;
h The section of the Annual Report that
describes the review of effectiveness of
risk management and internal control
systems; and
h The section of the Annual Report describing
the work of the Audit and Risk Committee.
We have nothing to report in respect of our
responsibility to report when the directors’
statement relating to the parent company’s
compliance with the Code does not properly
disclose a departure from a relevant provision of
the Code specified under the Listing Rules for
review by the auditors.
Responsibilities for the financial
statements and the audit
Responsibilities of the directors for the
financial statements
As explained more fully in the Statement of
directors’ responsibilities in respect of the
Annual Report and Accounts, the directors are
responsible for the preparation of the financial
statements in accordance with the applicable
framework and for being satisfied that they
give a true and fair view. The directors are also
responsible for such internal control as they
determine is necessary to enable the preparation
of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the
directors are responsible for assessing the
group’s and the parent company’s ability to
continue as a going concern, disclosing, as
applicable, matters related to going concern and
using the going concern basis of accounting
unless the directors either intend to liquidate
the group or the parent company or to cease
operations, or have no realistic alternative but
to do so.
Speedy Hire Plc Annual Report and Accounts 2025
117
Corporate Information
Financial Statements
Governance
Strategic Report
Auditors’ responsibilities for the audit of
the financial statements
Our objectives are to obtain reasonable
assurance about whether the financial
statements as a whole are free from material
misstatement, whether due to fraud or error, and
to issue an auditors’ report that includes our
opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit
conducted in accordance with ISAs (UK) will
always detect a material misstatement when it
exists. Misstatements can arise from fraud or
error and are considered material if, individually
or in the aggregate, they could reasonably be
expected to influence the economic decisions
of users taken on the basis of these financial
statements.
Irregularities, including fraud, are instances
of non-compliance with laws and regulations.
We design procedures in line with our
responsibilities, outlined above, to detect material
misstatements in respect of irregularities,
including fraud. The extent to which our
procedures are capable of detecting irregularities,
including fraud, is detailed below.
Based on our understanding of the group and
industry, we identified that the principal risks of
non-compliance with laws and regulations related
to health and safety regulations, environmental
laws and employment law, and we considered
the extent to which non-compliance might have
a material effect on the financial statements.
We also considered those laws and regulations
that have a direct impact on the financial
statements such as tax legislation, listing rules
and the Companies Act 2006. We evaluated
management’s incentives and opportunities
for fraudulent manipulation of the financial
statements (including the risk of override of
controls), and determined that the principal risks
were related to posting inappropriate journal
entries to improve financial performance, and
management bias in accounting estimates and
judgements.. The group engagement team
shared this risk assessment with the component
auditors so that they could include appropriate
audit procedures in response to such risks in their
work. Audit procedures performed by the group
engagement team and/or component auditors
included:
h discussions with the audit committee,
management, internal audit and the in-house
legal team including consideration of known
or suspected instances of non-compliance
with laws and regulation or fraud;
h reviewing minutes of meetings of those
charged with governance;
h auditing the tax workings and reviewed
the disclosures included in the financial
statements in respect of tax;
h identifying and testing journal entries, in
particular any journal entries posted with
unusual account combinations;
h challenging assumptions and judgements
made by management in their significant
accounting estimates (because of the
risk of management bias), in particular
around the carrying value of goodwill,
intangible assets, and property plant and
equipment, dilapidation provisions, customer
rebates, carrying value of investments
and intercompany receivables (company
only); and
h reviewing financial statement disclosures
and testing to supporting documentation,
where appropriate, to assess compliance with
applicable laws and regulations.
There are inherent limitations in the audit
procedures described above. We are less likely
to become aware of instances of non-compliance
with laws and regulations that are not closely
related to events and transactions reflected
in the financial statements. Also, the risk of
not detecting a material misstatement due to
fraud is higher than the risk of not detecting
one resulting from error, as fraud may involve
deliberate concealment by, for example, forgery
or intentional misrepresentations, or through
collusion.
Our audit testing might include testing complete
populations of certain transactions and balances,
possibly using data auditing techniques.
However, it typically involves selecting a limited
number of items for testing, rather than testing
complete populations. We will often seek to target
particular items for testing based on their size or
risk characteristics. In other cases, we will use
audit sampling to enable us to draw a conclusion
about the population from which the sample is
selected.
A further description of our responsibilities for
the audit of the financial statements is located
on the FRC’s website at: www.frc.org.uk/
auditorsresponsibilities. This description forms
part of our auditors’ report.
Use of this report
This report, including the opinions, has been
prepared for and only for the parent company’s
members as a body in accordance with Chapter
3 of Part 16 of the Companies Act 2006 and for
no other purpose. We do not, in giving these
opinions, accept or assume responsibility for any
other purpose or to any other person to whom
this report is shown or into whose hands it may
come save where expressly agreed by our prior
consent in writing.
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF SPEEDY HIRE PLC CONTINUED
Speedy Hire Plc Annual Report and Accounts 2025
118
OTHER REQUIRED REPORTING
Companies Act 2006 exception
reporting
In respect solely of the limitation on our work
relating to property, plant and equipment, described
in the Basis for qualified opinion paragraph above:
h we have not obtained all the information and
explanations that we considered necessary
for the purpose of our audit; and
h we were unable to determine whether
adequate accounting records have been kept
by the parent company.
Under the Companies Act 2006 we are also
required to report to you if, in our opinion:
h returns adequate for our audit have not been
received from branches not visited by us; or
h certain disclosures of directors’ remuneration
specified by law are not made; or
h the parent company financial statements
and the part of the Remuneration Report to
be audited are not in agreement with the
accounting records and returns.
We have no exceptions to report arising from this
responsibility.
Appointment
Following the recommendation of the Audit
and Risk Committee, we were appointed by
the members on 8 February 2022 to audit
the financial statements for the year ended
31 March 2023 and subsequent financial periods.
The period of total uninterrupted engagement
is three years, covering the years ended
31 March 2023 to 31 March 2025.
OTHER MATTER
The company is required by the Financial
Conduct Authority Disclosure Guidance and
Transparency Rules to include these financial
statements in an annual financial report prepared
under the structured digital format required by
DTR 4.1.15R - 4.1.18R and filed on the National
Storage Mechanism of the Financial Conduct
Authority. This auditors’ report provides no
assurance over whether the structured digital
format annual financial report has been prepared
in accordance with those requirements.
CHRISTOPHER HIBBS
(Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Manchester
17 June 2025
Speedy Hire Plc Annual Report and Accounts 2025
119
Corporate Information
Financial Statements
Governance
Strategic Report
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
Year ended 31 March 2025 | Year ended 31 March 2024 | ||||||
| Underlying | Non-underlying | Underlying | Non-underlying | ||||
| performance | items¹ | Total | performance | items¹ | Total | ||
Note | £m | £m | £m | £m | £m | £m | |
Revenue | 2 | ||||||
Cost of sales | ( | ( | ( | ( | |||
Gross profit | |||||||
Distribution and administrative costs | ( | ( | ( | ( | ( | ( | |
Impairment losses on trade receivables | 17 | ( | ( | ( | ( | ||
Operating profit/(loss) | 4 | ( | ( | ||||
Share of results of joint venture | 13 | ||||||
Profit/(loss) from operations | ( | ( | |||||
Finance costs | 7 | ( | ( | ( | ( | ||
Profit/(loss) before taxation | ( | ( | ( | ||||
Taxation | 8 | ( | ( | ( | |||
Profit/(loss) for the financial year | ( | ( | ( | ||||
| Earnings per share | |||||||
- Basic (pence) | 9 | ( | |||||
- Diluted (pence) | 9 | ( | |||||
| Non-GAAP performance measures | |||||||
Adjusted EBITDA | 11 | ||||||
Adjusted operating profit | 11 | ||||||
Adjusted profit before tax | 11 | ||||||
Adjusted earnings per share (pence) | 9 |
¹ Detail on non-underlying items is provided in note 3.
All activities in each year presented relate to continuing operations.
The accompanying notes form part of the Financial Statement
Speedy Hire Plc Annual Report and Accounts 2025
120
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
| Year ended | Year ended | |
| 31 March | 31 March | |
| 2025 | 2024 | |
£m | £m | |
(Loss)/profit for the financial year | ( | |
| Other comprehensive (expense)/income that may be reclassified subsequently to the Income Statement: | ||
- Effective portion of change in fair value of cash flow hedges | ( | ( |
- Exchange difference on translation of foreign operations | ( | ( |
- Tax on items | ||
Other comprehensive expense | ( | ( |
Total comprehensive (expense)/income for the financial year | ( |
The accompanying notes form part of the Financial Statements.
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121
Corporate Information
Financial Statements
Strategic Report
Financial Statements
Governance
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2025
| 31 March | 31 March | ||
| 2025 | 2024 | ||
ASSETS | Note | £m | £m |
| Non-current assets | |||
Intangible assets | 12 | ||
Investment in joint ventures | 13 | ||
| Property, plant and equipment | |||
Land and buildings | 14 | ||
Hire equipment | 14 | ||
Other | 14 | ||
Right of use assets | 15 | ||
| Current assets | |||
Inventories | 16 | ||
Trade and other receivables | 17 | ||
Cash and cash equivalents | 20 | ||
Current tax asset | |||
Derivative financial assets | 19 | ||
Total assets | |||
| LIABILITIES | |||
| Current liabilities | |||
Bank overdraft | 20 | ( | |
Borrowings | 20 | ( | |
Lease liabilities | 21 | ( | ( |
Trade and other payables | 18 | ( | ( |
Derivative financial liabilities | 19 | ( | ( |
Provisions | 22 | ( | ( |
( | ( |
| 31 March | 31 March | ||
| 2025 | 2024 | ||
Note | £m | £m | |
| Non-current liabilities | |||
Borrowings | 20 | ( | ( |
Lease liabilities | 21 | ( | ( |
Provisions | 22 | ( | ( |
Deferred tax liability | 23 | ( | ( |
( | ( | ||
Total liabilities | ( | ( | |
Net assets | |||
| EQUITY | |||
Share capital | 24 | ||
Share premium | 26 | ||
Capital redemption reserve | 26 | ||
Merger reserve | 26 | ||
Hedging reserve | 26 | ( | |
Translation reserve | 26 | ( | ( |
Retained earnings | 26 | ||
Total equity |
Company registered number: 00927680
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122
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
| Capital | |||||||||
| Share | Share | redemption | Merger | Hedging | Translation | Retained | Total | ||
| capital | premium | reserve | reserve | reserve | reserve | earnings | equity | ||
Note | £m | £m | £m | £m | £m | £m | £m | £m | |
At 1 April 2023 | ( | ||||||||
Profit for the year | |||||||||
Other comprehensive expense | ( | ( | ( | ||||||
Total comprehensive (expense)/income | ( | ( | |||||||
Dividends | ( | ( | |||||||
Equity-settled share-based payments | 25 | ||||||||
At 31 March 2024 | ( | ||||||||
Loss for the year | ( | ( | |||||||
Other comprehensive (expense)/income | ( | ( | ( | ||||||
Total comprehensive expense | ( | ( | ( | ( | |||||
Dividends | ( | ( | |||||||
Equity-settled share-based payments | 25 | ||||||||
At 31 March 2025 | ( | ( |
The accompanying notes form part of the Financial Statements.
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123
Corporate Information
Financial Statements
Strategic Report
Financial Statements
Governance
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
| Year ended | Year ended | ||
| 31 March 2025 | 31 March 2024 | ||
Note | £m | £m | |
| Cash generated from operating activities | |||
(Loss)/profit before tax | ( | ||
Net finance costs | 7 | ||
Amortisation | 12 | ||
Depreciation | 14, 15 | ||
Non-underlying items | 3 | ||
Share of profit from joint venture | 13 | ( | ( |
Loss on planned disposals of hire equipment | 4 | ||
(Profit)/loss on other disposals of hire equipment | 4 | ( | |
Loss on disposal of non-hire equipment | 4 | ||
Decrease in inventories | |||
(Increase)/decrease in trade and other receivables | ( | ||
Decrease in trade and other payables* | ( | ( | |
(Decrease)/increase in provisions | 22 | ( | |
Equity-settled share-based payments | |||
Cash generated from operations before changes in hire fleet* | |||
| Cash flow relating to changes in hire fleet: | |||
Purchase of hire equipment | ( | ( | |
Proceeds from planned sale of hire equipment | |||
Proceeds from customer loss/damage of hire equipment | |||
Cash outflow from changes in hire fleet | ( | ( | |
| Cash flow relating to non-underlying items: | |||
Non-underlying items | ( | ( | |
Increase in non-underlying payables | |||
Cash outflow from non-underlying items | ( | ( | |
Cash generated from operations | |||
Interest paid | ( | ( | |
Tax (received)/paid | ( | ||
Net cash flow from operating activities |
| Year ended | Year ended | ||
| 31 March 2025 | 31 March 2024 | ||
Note | £m | £m | |
| Cash flow used in investing activities | |||
Purchase of non-hire property, plant and equipment | ( | ( | |
Capital expenditure on IT development | ( | ( | |
Acquisition of business | ( | ||
Proceeds from sale of non-hire property, plant and equipment | |||
Investment in joint venture (Speedy Hydrogen Solutions) | ( | ||
Dividends from joint venture 1 | 13 | ||
Net cash flow used in investing activities | ( | ( | |
Net cash flow before financing activities | |||
| Cash flow from financing activities | |||
Payments for the principal element of leases | ( | ( | |
Drawdown of loans | |||
Repayment of loans | ( | ( | |
Proceeds received under a payables finance arrangement | |||
| Repayments to a financial institution under a payables finance | |||
arrangement | ( | ||
Dividends paid | 10 | ( | ( |
Net cash flow used in financing activities | ( | ( | |
(Decrease)/increase in cash and cash equivalents | ( | ||
Net cash at the start of the financial year | 20 | ( | |
Net cash at the end of the financial year | 20 | ||
| Analysis of cash and cash equivalents | |||
Cash | 20 | ||
Bank overdraft | 20 | ( | |
1
Relates wholly to the joint venture in Kazakhstan.
* FY2024 restated to separately show the cash flow relating to non-underlying items.
Speedy Hire Plc Annual Report and Accounts 2025
124
NOTES TO THE FINANCIAL STATEMENTS
1 Summary of material accounting policy information
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125
Corporate Information
Financial Statements
Strategic Report
Financial Statements
Governance
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
| Effective date | ||
| International Accounting | (periods beginning | |
| Standards (‘IAS’)/IFRS | on or after) | |
Amendments to IFRS 16 | Lease Liability in a Sale and Leaseback | 1 January 2024 |
Amendments to IAS 1 | Non-current Liabilities with Covenants | 1 January 2024 |
Amendments to IAS 1 | Classification of Liabilities as Current or | 1 January 2024 |
| Non-current | ||
Amendments to IAS 7 and IFRS 7 | Supplier Finance Arrangements | 1 January 2024 |
| Effective date | ||
| International Accounting | (periods beginning | |
| Standards (‘IAS’)/IFRS | on or after) | |
Amendments to IAS 21 | Lack of Exchangeability | 1 January 2025 |
Amendments to IFRS 9 and IFRS 7 | Amendments to the Classification and | 1 January 2026 |
| Measurement of Financial Instruments | ||
| Annual Improvements to IFRS | Volume 11 | 1 January 2026 |
| Accounting Standards | ||
Amendments to IFRS 9 and IFRS 7* | Contracts Referencing | 1 January 2026 |
| Nature-dependent Electricity | ||
IFRS 18* | Presentation and Disclosure in Financial | 1 January 2027 |
| Statements | ||
IFRS 19* | Subsidiaries without Public Accountability: | |
| Disclosures |
1 Summary of material accounting policy information continued
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Corporate Information
Financial Statements
Strategic Report
Financial Statements
Governance
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
1 Summary of material accounting policy information continued
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Corporate Information
Financial Statements
Strategic Report
Financial Statements
Governance
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
1 Summary of material accounting policy information continued
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Corporate Information
Financial Statements
Strategic Report
Financial Statements
Governance
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
1 Summary of material accounting policy information continued
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Corporate Information
Financial Statements
Strategic Report
Financial Statements
Governance
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
2 Segmental analysis
The segmental disclosure presented in the Financial Statements has been determined based on the way
in which performance is assessed, assets are monitored and resources allocated, and hence reflects the
format of reports reviewed by the ‘chief operating decision-maker’. The Group’s reportable segments are
Hire and Services, which form the UK and Ireland business.
The Hire segment relates to hire of the Group’s core fleet of owned products, covering a range of
product lines in categories such as small tools, access, power and battery storage, lifting, survey,
powered access, welding and plant machinery.
The Services segment predominantly relates to the re-hire of an extensive range of specialist equipment
through partnerships with the industry’s leading suppliers, referred to as Customer Solutions. This
segment also includes fuel and energy sales and management, training, product sales, and test,
inspection and certification services.
An element of the Group’s costs are incurred at a corporate level and consequently cannot be analysed
by segment. These costs, together with net corporate borrowings and taxation, are not directly
attributable to the activities of the operating segments and consequently are presented under Corporate
items. The remaining unallocated net assets comprise principally working capital balances held by the
support services function.
For the year ended 31 March 2025 / As at 31 March 2025
| Hire excluding | UK and | Corporate | |||
disposals | Services | Ireland¹ | items | Total | |
£m | £m | £m | £m | £m | |
Revenue | 255.0 | 158.0 | 416.6 | – | 416.6 |
Cost of sales | (49.7) | (126.7) | (180.5) | – | (180.5) |
Gross Profit | 205.3 | 31.3 | 236.1 | – | 236.1 |
| Segment result: | |||||
Adjusted EBITDA² | 101.0 | (3.9) | 97.1 | ||
Depreciation³ | (6 7.3) | (0.3) | (67.6) | ||
| Loss on planned disposals of hire | |||||
equipment | (2.7) | – | (2.7) | ||
| Operating profit/(loss) | |||||
before amortisation and non- underlying items | 31.0 | (4.2) | 26.8 | ||
Amortisation³ | (0.6) | (3.2) | (3.8) | ||
Non-underlying items | (8.0) | (1.6) | (9.6) | ||
Operating profit/(loss) | 22.4 | (9.0) | 13.4 | ||
Share of results of joint venture | – | 1.0 | 1.0 | ||
Profit/(loss) from operations | 22.4 | (8.0) | 14.4 | ||
Finance costs | (15.9) | ||||
Loss before tax | (1.5) | ||||
Taxation | 0.4 | ||||
Loss for the financial year | (1.1) | ||||
Intangible assets³ | 28.7 | 9.7 | 38.4 | ||
Investment in joint ventures | 0.6 | 5.1 | 5.7 | ||
Land and buildings | 15.0 | – | 15.0 | ||
Hire equipment | 222.4 | – | 222.4 | ||
Non-hire equipment | 5.9 | – | 5.9 | ||
Right of use assets | 104.2 | – | 104.2 | ||
Taxation assets | – | 2.9 | 2.9 | ||
Current assets | 111.5 | 4.9 | 116.4 | ||
Cash | – | 2.1 | 2.1 | ||
Total assets | 488.3 | 24.7 | 513.0 |
1 Summary of material accounting policy information continued
Speedy Hire Plc Annual Report and Accounts 2025
134
| Hire excluding | UK and | Corporate | |||
disposals | Services | Ireland¹ | items | Total | |
£m | £m | £m | £m | £m | |
Lease liabilities | (105.9) | – | (105.9) | ||
Other liabilities | (11 7.3) | (3.8) | (121.1) | ||
Borrowings | – | (115.2) | (115.2) | ||
Taxation liabilities | – | (8.6) | (8.6) | ||
Total liabilities | (223.2) | (127.6) | (350.8) |
¹ UK and Ireland also includes revenue and costs relating to the disposal of hire assets.
² See note 11.
³ Intangible assets in Corporate items relate to the Group’s ERP system, amortisation is charged to the UK and Ireland
segment as this is fundamental to the trading operations of the Group. Depreciation in Corporate items relates to
computers and is recharged from the UK and Ireland based on proportional usage.
For the year ended 31 March 2024 / As at 31 March 2024
| Hire excluding | Corporate | ||||
disposals | Services | UK and Ireland¹ | items | Total | |
£m | £m | £m | £m | £m | |
Revenue | 253.6 | 162.5 | 421.5 | – | 421.5 |
Cost of sales | (54.6) | (130.9) | (191.5) | – | (191.5) |
Gross Profit | 199.0 | 31.6 | 230.0 | – | 230.0 |
| Segment result: | |||||
Adjusted EBITDA² | 99.5 | (2.7) | 96.8 | ||
Depreciation³ | (66.5) | (0.4) | (66.9) | ||
| Loss on planned disposals of hire | |||||
equipment | (2.4) | – | (2.4) | ||
Operating profit/(loss) before amortisation and non- underlying items | 30.6 | (3.1) | 2 7.5 | ||
Amortisation³ | (0.6) | (3.0) | (3.6) | ||
Non-underlying items | (9.0) | – | (9.0) | ||
Operating profit/(loss) | 21.0 | (6.1) | 14.9 | ||
Share of results of joint venture | – | 2.9 | 2.9 | ||
Profit/(loss) from operations | 21.0 | (3.2) | 17.8 | ||
Finance costs | (12.7) | ||||
Profit before tax | 5.1 | ||||
Taxation | (2.4) | ||||
Profit for the financial year | 2.7 |
| Hire excluding | Corporate | ||||
disposals | Services | UK and Ireland¹ | items | Total | |
£m | £m | £m | £m | £m | |
Intangible assets³ | 29.4 | 10.3 | 39.7 | ||
Investment in joint ventures | 0.6 | 8.2 | 8.8 | ||
Land and buildings | 15.1 | – | 15.1 | ||
Hire equipment | 210.6 | – | 210.6 | ||
Non-hire equipment | 7.4 | – | 7.4 | ||
Right of use assets | 97.3 | – | 97.3 | ||
Taxation assets | – | 2.7 | 2.7 | ||
Current assets | 110.9 | 3.7 | 114.6 | ||
Cash | – | 4.0 | 4.0 | ||
Total assets | 471.3 | 28.9 | 500.2 | ||
Lease liabilities | (97.6) | – | (97.6) | ||
Other liabilities | (109.3) | (4.8) | (114.1) | ||
Borrowings | – | (104.1) | (104.1) | ||
Taxation liabilities | – | (8.7) | (8.7) | ||
Total liabilities | (206.9) | (117.6) | (324.5) |
¹ UK and Ireland also includes revenue and costs relating to the disposal of hire assets.
² See note 11.
³ Intangible assets in Corporate items relate to the Group’s ERP system, amortisation is charged to the UK and Ireland
segment as this is fundamental to the trading operations of the Group. Depreciation in Corporate items relates to
computers and is recharged from the UK and Ireland based on proportional usage.
Year ended / As at 31 March 2025 | Year ended/As at 31 March 2024 | |||
| Non-current | Non-current | |||
| Revenue | assets¹ | Revenue | assets¹ | |
£m | £m | £m | £m | |
UK | 410.3 | 384.0 | 414.2 | 370.1 |
Ireland | 6.3 | 7.6 | 7.3 | 8.8 |
416.6 | 391.6 | 421.5 | 378.9 |
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
| Year ended | Year ended | |
| 31 March 2025 | 31 March 2024 | |
£m | £m | |
Hire and related activities | 255.0 | 253.6 |
Services | 158.0 | 162.5 |
Disposals | 3.6 | 5.4 |
416.6 | 421.5 |
3 Non-underlying items
| Year ended | Year ended | |
| 31 March 2025 | 31 March 2024 | |
£m | £m | |
Transformation costs | 6.6 | 3.2 |
Other professional and support costs | 1.8 | 1.9 |
Restructuring costs | 1.2 | 3.9 |
9.6 | 9.0 |
Transformation costs
Our Velocity strategy is split into two distinct phases through to 31 March 2028, being ‘Enabling Growth’
(years 1 to 3) and ‘Delivering Growth’ (years 1 to 5). The investment in implementing our Velocity
strategy and executing our transformation programme represents a significant cost to the business and
will continue to do so throughout the ‘Enabling’ phase to March 2026. The anticipated cost (including
those incurred in FY2024 and FY2025) of this phase is between £20m and £22m, with £15m to £17m
expected to be non-underlying, primarily relating to incremental people costs. The remainder of the
costs either represent underlying costs to the business or are capital in nature.
Management will continue to monitor and reassess the above based on the phasing and delivery of the
transformation programme.
Of the £6.6m non-underlying cost to the business in the year, £5.1m relates primarily to incremental
people costs.
The roll out of Velocity process improvements and applications, and the increasing leverage of systems
and data, has resulted in the redundancy of some employees in the year. Related costs of £1.5m have
therefore been presented within non-underlying transformation costs.
Other professional and support costs
In FY2025, the Group engaged with external advisors regarding the refinancing of the Group. Whilst the
Group has entered into the new arrangements post year end, replacing the asset based lending (‘ABL’)
facility, related advisory services were provided, and work undertaken, in FY2025.
Legal and professional fees incurred as part of the refinancing cannot be attributed directly to the new
facilities, as they – in part – relate to the settlement of the old facility. Hence these costs have been
recorded through the Income Statement rather than being capitalised against the new facility.
The remaining fees capitalised in relation to the ABL facility have also been written off at 31 March 2025,
given the refinancing was substantially complete as at 31 March 2025, with an expectation of
completion soon after the year end.
Restructuring costs
Following the autumn budget, a decision was taken to accelerate ‘Future State’ restructuring plans that
form part of the operational model changes in the Velocity strategy. The acceleration of the plan was,
in part, to offset the announced increases in both the national minimum wage and employer national
insurance contributions. Such restructuring has entailed the closure of 8 depots via an acceleration of
the Future State programme, with a resulting reduction in headcount. Restructuring of this scale is not
part of the ordinary course of business and hence has been presented within non-underlying items.
The net cash outflow from activities associated with non-underlying items during the year is £6.4m.
2 Segmental analysis continued
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136
The following non-underlying items occurred in FY2024:
Transformation costs
Of the £3.2m non-underlying cost to the business in FY2024, £2.2m related primarily to incremental
people costs, represented by 48 additional heads at 31 March 2024.
The commencement of the transformation programme also necessitated an assessment of the Group’s
existing digital capabilities, rendering some previously capitalised intangible assets as either obsolete or
no longer viable as part of the Group’s Velocity strategy. This resulted in a £1.0m write-off of intangible
assets, representing the remainder of the non-underlying items relating to transformation.
Other professional and support costs
In October 2023, the Group acquired Green Power Hire Limited (‘GPH’), advancing the Group’s
sustainable offering to customers and evidencing the Velocity strategy in action. In addition to the
acquisition of GPH, the Group also incurred costs in respect of the formation of Speedy Hydrogen
Solutions, the joint venture with AFC Energy Plc. The costs incurred relate primarily to professional and
other supporting fees, amounting to £1.4m in total.
An external review of the entire depot network was commissioned, to assess the condition of each site
and the dilapidations that may be payable under the respective lease agreements. This was the first
review of its kind undertaken by the Group, and it is not expected that a similar exercise of this scale will
be required going forwards. Fees in relation to this review total £0.5m.
Restructuring costs
The Group incurred further, non-underlying, restructuring costs associated with moving towards its
target operating model. At 31 March 2024, the Group had exited all B&Q concessions and our products
and services are now available for digital hire in-store within every B&Q and Tradepoint as well as on
the respective websites. In evolving our partnership with B&Q and moving to a more digitally focussed
model, the Group incurred £2.7m of losses.
The remainder of the restructuring costs included costs associated with depot optimisation and
restructuring projects of £1.2m.
The net cash outflow in FY2024 from activities associated with non-underlying items was £6.0m.
| Year ended | Year ended | |
| 31 March | 31 March | |
| 2025 | 2024 | |
| £m | £m | |
| Amortisation of intangible assets | ||
- acquired | 0.6 | 0.6 |
- internally generated | 3.2 | 3.0 |
Depreciation of owned property, plant and equipment | 3 7.6 | 40.5 |
Depreciation of right of use assets | 30.0 | 26.4 |
Loss on planned disposals of hire equipment | 2.7 | 2.4 |
(Profit)/loss on other disposals of hire equipment | (1.2) | 0.2 |
Loss on disposal of non-hire equipment | 0.6 | – |
| Auditors’ remuneration | ||
- audit of these Financial Statements | 0.8 | 0.6 |
- audit of Financial Statements of Subsidiaries | 0.1 | 0.2 |
Total audit fees | 0.9 | 0.8 |
| Non-audit fees: audit-related services − interim review fee of £85,500 | ||
(2024: £75,000) | 0.1 | 0.1 |
Total fees | 1.0 | 0.9 |
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
5 Employees
The monthly average number of people employed by the Group (including Directors) during the year
was as follows:
| Year ended | Year ended | |
| 31 March | 31 March | |
| 2025 | 2024 | |
UK and Ireland | 2,993 | 3,091 |
Central | 342 | 318 |
3,335 | 3,409 |
The aggregate payroll costs of these employees (including bonuses) were as follows:
| Year ended | Year ended | |
| 31 March 2025 | 31 March 2024 | |
£m | £m | |
Wages and salaries | 120.1 | 114.1 |
Social security costs | 11.7 | 11.1 |
Other pension costs | 3.5 | 3.3 |
Share-based payments | 0.9 | 0.6 |
136.2 | 129.1 |
6 Directors’ remuneration
| Year ended | Year ended | |
| 31 March | 31 March | |
| 2025 | 2024 | |
£’000s | £’000s | |
| Directors’ emoluments | ||
Basic remuneration, including benefits | 1,296 | 1,191 |
Company contributions to money purchase pension schemes | 23 | – |
1,319 | 1,191 | |
| Emolument of the highest paid Director | ||
Basic remuneration, including benefits | 502 | 492 |
Company pension contributions | 15 | – |
517 | 492 |
The number of Directors in respect of whose qualifying services shares were received or receivable
under long-term incentive schemes, and who exercised share options during the year, is disclosed on
page 101 of the Directors’ Remuneration Report.
Further analysis of Directors’ remuneration can be found in the Remuneration Report. All the Directors’
remuneration is paid by Speedy Support Services Limited, a wholly-owned subsidiary of Speedy
Hire Plc.
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138
| Year ended | Year ended | |
| 31 March | 31 March | |
| 2025 | 2024 | |
£m | £m | |
Interest on bank loans and overdrafts | 9.1 | 7.4 |
Amortisation of issue costs | 0.4 | 0.4 |
Total interest on borrowings | 9.5 | 7.8 |
Interest on lease liabilities | 6.4 | 5.0 |
Other finance income | – | (0.1) |
Finance costs | 15.9 | 12.7 |
8 Taxation
| Year ended | Year ended | |
| 31 March | 31 March | |
| 2025 | 2024 | |
£m | £m | |
Tax (credited)/charged in the Income Statement from continuing operations | ||
| Current tax | ||
UK corporation tax on (loss)/profit at 25% (2024: 25%) | (0.4) | 1.7 |
Adjustment in respect of prior years | 0.1 | (0.4) |
Total current tax | (0.3) | 1.3 |
| Deferred tax | ||
UK deferred tax at 25% (2024: 25%) | 0.3 | 1.0 |
Adjustment in respect of prior years | (0.4) | 0.1 |
Total deferred tax | (0.1) | 1.1 |
Total tax (credit)/charge from continuing operations | (0.4) | 2.4 |
| Tax (credited)/charged in other comprehensive income | ||
| Deferred tax on effective portion of changes in fair value of cash | ||
flow hedges | (0.1) | – |
The tax (credit)/charge in the Income Statement for the year of 26.7% (2024: 47.1%) is higher than the
standard rate of corporation tax in the UK and is explained as follows:
| Year ended | Year ended | |
| 31 March | 31 March | |
| 2025 | 2024 | |
£m | £m | |
(Loss)/profit before tax | (1.5) | 5.1 |
| Accounting (loss)/profit multiplied by the standard rate of corporation | ||
tax at 25% (2024: 25%) | (0.4) | 1.3 |
Expenses not deductible for tax purposes | 0.4 | 2.2 |
Share-based payments | 0.1 | – |
Share of joint venture income already taxed | (0.2) | (0.8) |
Adjustment in respect of prior years | (0.3) | (0.3) |
Tax (credit)/charge for the year reported in the Income Statement | (0.4) | 2.4 |
The adjusted effective tax rate of 24.1% (2024: 26.5% restated) is lower (2024: higher) than the standard
rate of UK corporation tax of 25% (2024: 25%).
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
9 Earnings per share
The calculation of basic earnings per share is based on the loss for the financial year of £1.1m (2024:
£2.7m profit) and the weighted average number of ordinary shares in issue, and is calculated as follows:
| Year ended | Year ended | |
| 31 March | 31 March | |
| 2025 | 2024 | |
| Weighted average number of shares in issue (m) | ||
Number of shares at the beginning of the year | 4 57.7 | 4 57.7 |
Movement in shares owned by the Employee Benefit Trust | 2.4 | – |
Vested shares not yet exercised | 0.2 | 2.7 |
Weighted average for the year – basic number of shares | 460.3 | 460.4 |
Share options | 0.2 | 3.9 |
Employee share scheme | 0.5 | – |
Weighted average for the year – diluted number of shares | 461.0 | 464.3 |
| Year ended | Year ended | |
| 31 March | 31 March | |
| 2025 | 2024 | |
| (Loss)/profit (£m) | ||
(Loss)/profit for the year after tax – basic earnings | (1.1) | 2.7 |
Intangible amortisation charge – acquired intangibles (after tax) | 0.4 | 1.0 |
Non-underlying items (after tax) | 7. 2 | 7.1 |
Adjusted earnings | 6.5 | 10.8 |
| Earnings per share (pence) | ||
Basic earnings per share | (0.24) | 0.59 |
Dilutive shares and options | – | (0.01) |
Diluted earnings per share | (0.24) | 0.58 |
Adjusted earnings per share | 1.41 | 2.35 |
Dilutive shares and options | – | (0.02) |
Adjusted diluted earnings per share | 1.41 | 2.33 |
More detail on adjusted earnings is provided in note 11.
Total number of shares outstanding at 31 March 2025 amounted to 516,983,637 (2024: 516,983,637),
including 55,141,657 (2024: 55,146,281) shares held in treasury and 1,329,911 (2024: 4,106,820) shares held
in the Employee Benefit Trust, which are excluded in calculating basic earnings per share.
10 Dividends
The aggregate amount of dividend paid in the year comprises:
| Year ended | Year ended | |
| 31 March | 31 March | |
| 2025 | 2024 | |
£m | £m | |
2023 final dividend (1.80 pence on 452.9m ordinary shares) | – | 8.2 |
2024 interim dividend (0.80 pence on 453.5m ordinary shares) | – | 3.6 |
2024 final dividend (1.80 pence on 454.7m ordinary shares) | 8.2 | – |
2025 interim dividend (0.80 pence on 455.6m ordinary shares) | 3.6 | – |
11.8 | 11.8 |
Subsequent to the end of the year, and not included in the results for the year, the Directors
recommended a final dividend of 1.80 pence (2024: 1.80 pence) per share, bringing the total amount
payable in respect of the year ended 31 March 2025 to 2.60 pence (2024: 2.60 pence), to be paid on
19 September 2025 to shareholders on the register on 8 August 2025.
The Employee Benefit Trust, established to hold shares for the Performance Share Plan and other
employee benefits, waived its right to the interim dividend. At 31 March 2025, the Trust held 1,329,911
ordinary shares (2024: 4,106,820).
Speedy Hire Plc Annual Report and Accounts 2025
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11 Non-GAAP performance measures
The Group believes that the measures below provide valuable additional information for users of the Financial Statements in assessing the Group’s performance by adjusting for the effect of non-underlying items
and significant non-cash depreciation and amortisation. The Group uses these measures for planning, budgeting and reporting purposes and for its internal assessment of the operating performance of the individual
divisions within the Group. The measures on a continuing basis are as follows:
| Year ended | Year ended | |
| 31 March | 31 March | |
| 2025 | 2024 | |
£m | £m | |
Operating profit | 13.4 | 14.9 |
Add back: amortisation | 3.8 | 3.6 |
Add back: non-underlying items | 9.6 | 9.0 |
Adjusted operating profit (EBITA) | 26.8 | 27. 5 |
Add back: depreciation | 67.6 | 66.9 |
Add back: loss on planned disposals of hire equipment | 2.7 | 2.4 |
Adjusted EBITDA | 97.1 | 96.8 |
(Loss)/profit before tax | (1.5) | 5.1 |
Add back: amortisation of acquired intangibles | 0.6 | 0.6 |
Add back: non-underlying items | 9.6 | 9.0 |
Adjusted profit before tax | 8.7 | 14.7 |
| Return on capital employed (ROCE) | ||
Adjusted profit before tax | 8.7 | 14.7 |
Finance costs | 15.9 | 12.7 |
Profit before tax, interest, amortisation of acquired intangibles and non-underlying items 1 | 24.6 | 2 7.4 |
Average gross capital employed 2 | 276.2 | 2 7 7.0 |
ROCE | 8.9% | 9.9% |
1
Profit before tax, finance costs, amortisation of acquired intangibles and non-underlying items for the last 12 months.
2
Average gross capital employed (where capital employed equals total equity and net debt) based on a two-point average for the last 12 months.
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
| Internally | ||||||
| Acquired | generated | |||||
| Total | ||||||
| Customer | Total acquired | IT | intangible | |||
| Goodwill | lists | Brands | intangibles | development | assets | |
£m | £m | £m | £m | £m | £m | |
| Cost | ||||||
At 1 April 2023 | 17.5 | 2.9 | 1.3 | 21.7 | 7.8 | 29.5 |
Transfer from property, plant and equipment | – | – | – | – | 8.3 | 8.3 |
Additions | – | – | – | – | 1.9 | 1.9 |
Acquisitions | 9.9 | 1.0 | – | 10.9 | – | 10.9 |
At 31 March 2024 | 27.4 | 3.9 | 1.3 | 32.6 | 18.0 | 50.6 |
Additions | – | – | – | – | 2.5 | 2.5 |
At 31 March 2025 | 2 7.4 | 3.9 | 1.3 | 32.6 | 20.5 | 53.1 |
| Accumulated | ||||||
| amortisation | ||||||
At 1 April 2023 | – | 1.7 | 0.9 | 2.6 | 1.9 | 4.5 |
Transfer from property, plant and equipment | – | – | – | – | 2.8 | 2.8 |
Charged in year | – | 0.4 | 0.2 | 0.6 | 3.0 | 3.6 |
At 31 March 2024 | – | 2 .1 | 1.1 | 3.2 | 7.7 | 10.9 |
Charged in year | – | 0.4 | 0.2 | 0.6 | 3.2 | 3.8 |
At 31 March 2025 | – | 2.5 | 1.3 | 3.8 | 10.9 | 14.7 |
| Net book value | ||||||
At 31 March 2025 | 2 7.4 | 1.4 | – | 28.8 | 9.6 | 38.4 |
At 31 March 2024 | 27.4 | 1.8 | 0.2 | 29.4 | 10.3 | 39.7 |
At 31 March 2023 | 17. 5 | 1.2 | 0.4 | 19.1 | 5.9 | 25.0 |
| Customer | |||||
| Goodwill | lists | Brands | IT development | Total | |
£m | £m | £m | £m | £m | |
Allocated to Hire | 26.4 | 1.1 | – | 8.4 | 35.9 |
Services | 1.0 | 0.3 | – | 1.2 | 2.5 |
At 31 March 2025 | 2 7.4 | 1.4 | – | 9.6 | 38.4 |
Allocated to Hire | 26.4 | 1.4 | 0.1 | 8.9 | 36.8 |
Services | 1.0 | 0.4 | 0.1 | 1.4 | 2.9 |
At 31 March 2024 | 27.4 | 1.8 | 0.2 | 10.3 | 39.7 |
Speedy Hire Plc Annual Report and Accounts 2025
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31 March 2025 | 31 March 2024 | |||
| Pre-tax | Terminal value | Pre-tax | Terminal value | |
| discount rate | growth rate | discount rate | growth rate | |
UK and Ireland Hire and Services | 12.6% | 2.0% | 12.2% | 2.0% |
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
| Speedy Hydrogen | Turner & Hickman | |
| Solutions Limited | Limited | |
| Equity | Equity | |
| investment | investment | |
£m | £m | |
At 1 April 2023 | – | 9.2 |
Share of results for the year after tax | – | 2.9 |
Dividends received | – | (3.9) |
Purchase of shares in joint venture | 0.6 | – |
At 31 March 2024 | 0.6 | 8.2 |
Share of results for the year after tax | – | 1.0 |
Share of other comprehensive income | – | (0.5) |
Dividends received | – | (3.6) |
At 31 March 2025 | 0.6 | 5.1 |
| Year ended | Year ended | |
| 31 December | 31 December | |
| 2024 | 2023 | |
£m | £m | |
Revenue | 11.1 | 22.0 |
Cost of sales | (4.6) | (8.2) |
Gross profit | 6.5 | 13.8 |
General and administrative expenses | (2.4) | (2.7) |
Operating profit | 4.1 | 11.1 |
Other income | 0.3 | 0.2 |
Other expense | – | (0.1) |
Profit before tax | 4.4 | 11.2 |
Income tax expense | (1.1) | (1.9) |
Profit for the year | 3.3 | 9.3 |
| 31 December | 31 December | |
| 2024 | 2023 | |
£m | £m | |
| ASSETS | ||
Non-current assets | 2.3 | 3.1 |
| Current assets | ||
Inventories | 0.5 | 0.6 |
Trade accounts receivable | 2.6 | 6.7 |
Cash and cash equivalents | 0.2 | 0.5 |
Other current assets | 0.6 | 1.2 |
Total current assets | 3.9 | 9.0 |
Total assets | 6.2 | 12 .1 |
| LIABILITIES | ||
| Current liabilities | ||
Trade accounts payable | (0.4) | (0.9) |
Other current liabilities | (0.9) | (1.1) |
Total current liabilities | (1.3) | (2.0) |
Net assets | 4.9 | 10.1 |
13 Investment in joint ventures continued
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14 Property, plant and equipment
| Land and | Hire | |||
| buildings | equipment | Other | Total | |
£m | £m | £m | £m | |
| Cost | ||||
At 1 April 2023 | 54.5 | 395.9 | 96.6 | 547.0 |
Transfer to Intangible Assets 1 | – | – | (8.3) | (8.3) |
Foreign exchange | – | (0.5) | – | (0.5) |
Acquisitions | – | 11.8 | – | 11.8 |
Additions | 6.7 | 42.5 | 2.3 | 51.5 |
Disposals | (3.0) | (35.9) | (62.4) | (101.3) |
Transfers to inventory | – | (2 7.8) | – | (27.8) |
At 31 March 2024 | 58.2 | 386.0 | 28.2 | 472.4 |
Foreign exchange | – | (0.5) | – | (0.5) |
Additions | 4.9 | 5 7.5 | 0.8 | 63.2 |
Disposals | (2.1) | (19.9) | (1.3) | (23.3) |
Transfers to inventory | – | (21.6) | – | (21.6) |
At 31 March 2025 | 61.0 | 401.5 | 2 7.7 | 490.2 |
| Accumulated depreciation | ||||
At 1 April 2023 | 40.6 | 188.0 | 80.7 | 309.3 |
Transfer to Intangible Assets 1 | – | – | (2.8) | (2.8) |
Foreign exchange | – | (0.2) | – | (0.2) |
Charged in year | 4.4 | 32.6 | 3.5 | 40.5 |
Disposals | (1.3) | (24.5) | (61.2) | (8 7.0) |
Transfers to inventory | – | (20.5) | – | (20.5) |
At 31 March 2024 | 43.7 | 175.4 | 20.2 | 239.3 |
Foreign exchange | – | (0.4) | – | (0.4) |
Charged in year | 4.1 | 30.9 | 2.6 | 37.6 |
Disposals | (1.8) | (11.5) | (1.0) | (14.3) |
Transfers to inventory | – | (15.3) | – | (15.3) |
At 31 March 2025 | 46.0 | 17 9.1 | 21.8 | 246.9 |
| Net book value | ||||
At 31 March 2025 | 15.0 | 222.4 | 5.9 | 243.3 |
At 31 March 2024 | 14.5 | 210.6 | 8.0 | 233.1 |
At 31 March 2023 | 13.9 | 2 07.9 | 15.9 | 237.7 |
1
At 31 March 2023, software with a net book value of £6.7m was included in other property, plant and equipment. This
was transferred to Intangible Assets during the year ended 31 March 2024 to correct the classification.
The net book value of land and buildings is made up of improvements to short leasehold properties.
Of the £222.4m (2024: £210.6m) net book value of hire equipment, £25.7m (2024: £28.1m) relates to non-
itemised assets.
The net book value of other – non-hire equipment – comprises, fixtures, fittings, office equipment and IT
equipment.
At 31 March 2025, no indicators of impairment were identified in relation to property, plant and
equipment (2024: none).
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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
| Land and | |||
buildings | Other | Total | |
£m | £m | £m | |
| Cost | |||
At 1 April 2023 | 145.3 | 64.8 | 210.1 |
Additions | 9.0 | 13.0 | 22.0 |
Remeasurements | 1 7.9 | 0.8 | 18.7 |
Disposals | (6.7) | (11.7) | (18.4) |
At 31 March 2024 | 165.5 | 66.9 | 232.4 |
Additions | 2.1 | 19.3 | 21.4 |
Remeasurements | 13.1 | 3.2 | 16.3 |
Disposals | (5.4) | (10.1) | (15.5) |
At 31 March 2025 | 175.3 | 79.3 | 254.6 |
| Accumulated depreciation | |||
At 1 April 2023 | 100.3 | 26.6 | 126.9 |
Charged in year | 12.6 | 13.8 | 26.4 |
Disposals | (6.6) | (11.6) | (18.2) |
At 31 March 2024 | 106.3 | 28.8 | 135.1 |
Charged in year | 14.2 | 15.8 | 30.0 |
Disposals | (4.9) | (9.8) | (14.7) |
At 31 March 2025 | 115.6 | 34.8 | 150.4 |
| Net book value | |||
At 31 March 2025 | 59.7 | 44.5 | 104.2 |
At 31 March 2024 | 59.2 | 38.1 | 97.3 |
At 31 March 2023 | 45.0 | 38.2 | 83.2 |
16 Inventories
| 31 March | 31 March | |
| 2025 | 2024 | |
£m | £m | |
Work in progress | 1.6 | 1.4 |
Finished goods and goods for resale | 9.6 | 10.4 |
11.2 | 11.8 |
The amount of inventory expensed in the year amounted to £59.7m (2024: £65.9m) and is included
within cost of sales. A provision of £0.9m (2024: £0.7m) is recorded in respect of inventory held at the
year end.
| 31 March | 31 March | |
| 2025 | 2024 | |
£m | £m | |
Trade receivables | 95.0 | 93.9 |
Other receivables | 2.0 | 3.0 |
Prepayments | 6.6 | 4.1 |
Accrued income | 1.6 | 1.3 |
105.2 | 102.3 |
| 31 March | 31 March | |
| 2025 | 2024 | |
£m | £m | |
Not past due | 69.1 | 65.7 |
Past due 0-30 days | 18.0 | 1 7.9 |
Past due 31-120 days | 4.8 | 5.9 |
More than 120 days past due | 3.1 | 4.4 |
95.0 | 93.9 |
Speedy Hire Plc Annual Report and Accounts 2025
146
| 31 March | 31 March | |
| 2025 | 2024 | |
£m | £m | |
At 1 April | 2.5 | 3.2 |
Impairment provision charged to the Income Statement | 2.6 | 3.2 |
Utilised in the year | (3.1) | (3.9) |
At 31 March | 2.0 | 2.5 |
| 31 March | 31 March | |
| 2025 | 2024 | |
£m | £m | |
Trade payables | 54.1 | 44.9 |
Other payables | 11.1 | 12.5 |
Accruals | 30.5 | 2 7.1 |
Customer rebates | 11.2 | 11.9 |
106.9 | 96.4 |
19 Financial instruments
The Group holds and uses financial instruments to finance its operations and to manage its interest
rate and liquidity risks. The Group primarily finances its operations using share capital, retained profits
and borrowings. The main risks arising from the Group’s financial instruments are credit, interest rate,
foreign currency and liquidity risk. The Board reviews and agrees the policies for managing each of
these risks on an annual basis. A full description of the Group’s approach to managing these risks is set
out below.
The Group does not engage in trading or speculative activities using derivative financial instruments. A
Group offset arrangement exists in order to minimise the interest costs on outstanding debt. Furthermore,
there are a number of hedges relating to fuel prices in order to mitigate fuel price increases.
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Corporate Information
Financial Statements
Strategic Report
Financial Statements
Governance
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
31 March 2025 | 31 March 2024 | |||||
| Fair value | Fair value | |||||
| through other | through other | |||||
| Amortised | comprehensive | Amortised | comprehensive | |||
| cost | income | Total | cost | income | Total | |
£m | £m | £m | £m | £m | £m | |
| Assets per the Balance Sheet | ||||||
Trade and other receivables¹ | 98.6 | – | 98.6 | 98.2 | – | 98.2 |
Cash and cash equivalents | 2.1 | – | 2.1 | 4.0 | – | 4.0 |
Derivative financial assets | – | – | – | – | 0.5 | 0.5 |
100.7 | – | 100.7 | 102.2 | 0.5 | 102.7 |
31 March 2025 | 31 March 2024 | |||||
| Fair value | Fair value | |||||
| through other | through other | |||||
| Amortised | comprehensive | Amortised | comprehensive | |||
| cost | income | Total | cost | income | Total | |
£m | £m | £m | £m | £m | £m | |
| Liabilities per the Balance Sheet | ||||||
Bank overdraft | – | – | – | 1.2 | – | 1.2 |
Borrowings | 115.2 | – | 115.2 | 104.1 | – | 104.1 |
Lease liabilities – Current | 25.0 | – | 25.0 | 22.1 | – | 2 2.1 |
Lease liabilities – Non-current | 80.9 | – | 80.9 | 75.5 | – | 75.5 |
Trade and other payables² | 65.2 | – | 65.2 | 57.4 | – | 5 7.4 |
Accruals | 30.5 | – | 30.5 | 2 7.1 | – | 2 7.1 |
Customer rebates | 11.2 | – | 11.2 | 11.9 | – | 11.9 |
Derivative financial liabilities | – | 0.1 | 0.1 | – | 0.1 | 0.1 |
328.0 | 0.1 | 328.1 | 299.3 | 0.1 | 299.4 |
19 Financial instruments continued
Speedy Hire Plc Annual Report and Accounts 2025
148
31 March 2025 | 31 March 2024 | |||||
| Gross amounts | Net amounts | Gross amounts | Net amounts | |||
| offset in the | presented in the | Gross | offset in the | presented in the | ||
| Gross amounts | Balance Sheet | Balance Sheet | amounts | Balance Sheet | Balance Sheet | |
| £m | £m | £m | £m | £m | £m | |
| Financial assets | ||||||
Cash and cash equivalents | 12 .1 | (10.0) | 2 .1 | 14.6 | (10.6) | 4.0 |
| Financial liabilities | ||||||
Bank overdraft | 3.6 | (3.6) | – | 10.8 | (9.6) | 1.2 |
Borrowings | 119.3 | (6.4) | 112.9 | 105.1 | (1.0) | 104.1 |
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Corporate Information
Financial Statements
Strategic Report
Financial Statements
Governance
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
| Undiscounted cash flows – 31 March 2025 | |||||
| 2026 | 2027 | 2028 | 2029 and later | Total | |
| £m | £m | £m | £m | £m | |
Asset based finance facility | – | 112.9 | – | – | 112.9 |
Payables financing | 2.3 | – | – | – | 2.3 |
Lease liability (principal and interest) | 33.7 | 2 7.1 | 22.8 | 43.8 | 12 7.4 |
Bank interest payments | 9.5 | 3.0 | – | – | 12.5 |
Trade and other payables | 65.2 | – | – | – | 65.2 |
Accruals | 30.5 | – | – | – | 30.5 |
Customer rebates | 11.2 | – | – | – | 11.2 |
Derivative financial liabilities | 0.1 | – | – | – | 0.1 |
152.5 | 143.0 | 22.8 | 43.8 | 362 .1 |
19 Financial instruments continued
Speedy Hire Plc Annual Report and Accounts 2025
150
| Undiscounted cash flows – 31 March 2024 | |||||
| 2028 and | |||||
2025 | 2026 | 2027 | later | Total | |
£m | £m | £m | £m | £m | |
Asset based finance facility | – | – | 104.1 | – | 104.1 |
Overdraft | 1.2 | – | – | – | 1.2 |
Lease liability (principal and interest) | 29.6 | 22.4 | 19.1 | 45.1 | 116.2 |
Bank interest payments | 8.1 | 7.1 | 2.3 | – | 1 7.5 |
Trade payables | 57.4 | – | – | – | 5 7.4 |
Accruals | 2 7.1 | – | – | – | 2 7.1 |
Customer rebates | 11.9 | – | – | – | 11.9 |
Derivative financial liabilities | – | 0.1 | – | – | 0.1 |
135.3 | 29.6 | 125.5 | 45.1 | 335.5 |
31 March 2025 | 31 March 2024 | |||
Fair value | Notional amount | Fair value | Notional amount¹ | |
£m | £m | £m | £m | |
| Designated as cash flow hedges | ||||
Fixed interest rate swaps | – | 40.0 | 0.4 | 110.0 |
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151
Corporate Information
Financial Statements
Strategic Report
Financial Statements
Governance
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
| 31 March | 31 March | 31 March | |
| 2025 | 2024 | 2023 | |
£m | £m | £m | |
Net debt | 113.1 | 101.3 | 92.4 |
Total equity | 162.2 | 175.7 | 184.6 |
At 31 March | 275.3 | 2 7 7.0 | 27 7.0 |
| 31 March | 31 March | |
| 2025 | 2024 | |
£m | £m | |
| Current borrowings | ||
Bank overdraft | – | 1.2 |
Payables financing | 2.3 | – |
Lease liabilities | 25.0 | 22 .1 |
27. 3 | 23.3 | |
| Non-current borrowings | ||
| Maturing between one and five years | ||
- Asset based finance facility | 112.9 | 104.1 |
- Lease liabilities | 80.9 | 75.5 |
Total non-current borrowings | 193.8 | 179.6 |
Total borrowings | 221.1 | 202.9 |
Less: cash | (2.1) | (4.0) |
Exclude lease liabilities | (105.9) | (97.6) |
Net debt 1 | 113.1 | 101.3 |
| 1 April | Non-cash | 31 March | ||
| 2024 | movement | Cash flow | 2025 | |
£m | £m | £m | £m | |
Bank borrowings | (104.1) | (0.2) | (8.6) | (112.9) |
Payables financing | – | – | (2.3) | (2.3) |
Lease liabilities | (97.6) | 26.7 | (35.0) | (105.9) |
| Liabilities arising from financing | ||||
activities | (201.7) | 26.5 | (45.9) | (221.1) |
Cash and cash equivalents | 4.0 | – | (1.9) | 2.1 |
Bank overdraft | (1.2) | – | 1.2 | – |
Net debt | (198.9) | 26.5 | (46.6) | (219.0) |
19 Financial instruments continued
Speedy Hire Plc Annual Report and Accounts 2025
152
21 Lease liabilities
| Land and | |||
buildings | Other | Total | |
£m | £m | £m | |
At 1 April 2023 | 45.2 | 40.9 | 86.1 |
Additions | 9.0 | 13.0 | 22.0 |
Remeasurements | 14.8 | 0.8 | 15.6 |
Repayments | (15.5) | (15.5) | (31.0) |
Unwinding of discount rate | 2.5 | 2.5 | 5.0 |
Terminations | (0.1) | – | (0.1) |
At 31 March 2024 | 55.9 | 41.7 | 97.6 |
Additions | 2.1 | 19.3 | 21.4 |
Remeasurements | 13.1 | 3.2 | 16.3 |
Repayments | (16.8) | (18.2) | (35.0) |
Unwinding of discount rate | 3.2 | 3.2 | 6.4 |
Terminations | (0.8) | – | (0.8) |
At 31 March 2025 | 56.7 | 49.2 | 105.9 |
Included within terminations for the year ended 31 March 2025 is £0.4m (2024: £0.1m) relating to
exceptional terminations of property leases.
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153
Corporate Information
Financial Statements
Strategic Report
Financial Statements
Governance
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Amounts payable for lease liabilities (discounted at the incremental borrowing rate of each lease) fall
due as follows:
| 31 March | 31 March | |
| 2025 | 2024 | |
£m | £m | |
Payable within one year | 25.0 | 22 .1 |
Payable in more than one year | 80.9 | 75.5 |
At 31 March | 105.9 | 97.6 |
| Dilapidations | |
| £m | |
At 1 April 2023 | 15.6 |
Additional provision recognised | 2.1 |
Provision utilised in the year | (1.3) |
At 31 March 2024 | 16.4 |
New provision created | 0.5 |
Provision utilised in the year | (2.8) |
At 31 March 2025 | 14.1 |
| Property, | |||||
| plant and | Intangible | Share-based | |||
| equipment | assets | payments | Other items | Total | |
£m | £m | £m | £m | £m | |
At 1 April 2023 | 7.9 | 0.7 | – | (1.2) | 7.4 |
Recognised in the year | 0.6 | 0.3 | – | 0.4 | 1.3 |
At 31 March 2024 | 8.5 | 1.0 | – | (0.8) | 8.7 |
Recognised in the year | 1.6 | (0.8) | – | (0.9) | (0.1) |
At 31 March 2025 | 10.1 | 0.2 | – | (1.7) | 8.6 |
21 Lease liabilities continued
Speedy Hire Plc Annual Report and Accounts 2025
154
31 March 2025 | 31 March 2024 | |||
Number | Amount | Number | Amount | |
m | £m | m | £m | |
Authorised, allotted, called-up and fully paid | ||||
Opening balance (ordinary shares of 5 pence each) | 517.0 | 25.8 | 517.0 | 25.8 |
Exercise of Sharesave Scheme options | – | – | – | – |
Total | 517.0 | 25.8 | 51 7.0 | 25.8 |
25 Share incentives
The Group operates a number of share-based payment schemes, details of which are provided in the
Directors’ Remuneration Report.
At 31 March 2025, options and awards over 41,475,028 shares (2024: 23,613,896) were outstanding under
employee share schemes. The Group operates two share incentive schemes. During the year, 4,624
ordinary shares of 5 pence were transferred from treasury on exercise of options under the Speedy Hire
Sharesave Schemes (2024: nil).
As at 31 March 2025, options to acquire 12,634,919 (2024: 12,603,136) Speedy Hire Plc shares were
outstanding under the Speedy Hire Sharesave Schemes. These options are exercisable by employees
of the Group at prices between 23 and 56 pence (2024: 27 and 56 pence) at dates between April 2025
and July 2028 (2024: April 2024 and July 2027), subject to vesting. At 31 March 2025, options to acquire
28,840,109 shares (2024: 11,010,761) under the Performance Share Plans were outstanding. These options
are exercisable at nil cost between April 2025 and December 2034 (2024: April 2024 and June 2033).
The weighted average fair value of the PSP awards granted in the year was 32 pence (2024: 30 pence).
The number and weighted average exercise price (‘WAEP’) of share options and awards under all the
share incentive schemes are as follows:
31 March 2025 | 31 March 2024 | |||||
| WAEP | WAEP | |||||
pence | Number | pence | Number | |||
Outstanding at 1 April | 18 | 23,613,896 | 26 | 20,581,043 | ||
Granted | 4 | 27,953,857 | 16 | 12,352,775 | ||
Exercised | – | (2,499,813) | – | – | ||
Lapsed | 24 | (7,592,912) | 33 | (9,319,922) | ||
Outstanding at 31 March | 9 | 41,475,028 | 18 | 23,613,896 | ||
Exercisable at 31 March | 44 | 1,1 | 57,68 | 1 | 14 | 3,697,740 |
Options and awards outstanding at 31 March 2025 have weighted average remaining contractual lives
as follows:
| 2025 | 2024 | |
Years | Years | |
Exercisable at nil pence | 2.6 | 1.7 |
Exercisable at 23 pence | 2.8 | – |
Exercisable at 27 pence | 1.8 | 2.8 |
Exercisable at 32 pence | 0.8 | 1.8 |
Exercisable at 56 pence | – | 0.8 |
The fair value of services received in return for share options granted and shares awarded is measured
by reference to the fair value of those instruments. The pricing models used for the schemes are Black
Scholes for awards not subject to market-based performance conditions (Sharesave and Performance
Share Plan: EPS and FCF conditions) and Stochastic for awards subject to market-based conditions
in order to incorporate a discount factor into the fair value for the probability of achieving the relevant
targets (Performance Share Plan: TSR condition). Where a holding period applies to awards, the Chaffe
model is used to value the discount due to the lack of marketability of the awards.
For awards subject to a market condition, volatility is calculated over the period of time commensurate
with the remainder of the performance period immediately prior to the date of grant. Where an award is
not subject to market conditions, volatility is usually calculated over the period of time commensurate
with the expected award term immediately prior to the date of grant.
Speedy Hire Plc Annual Report and Accounts 2025
155
Corporate Information
Financial Statements
Strategic Report
Financial Statements
Governance
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
The inputs used for the outstanding options (on a weighted average basis where appropriate) are as
follows:
Speedy Hire Sharesave Schemes
| December | December | December | December | |
| 2024 | 2023 | 2022 | 2021 | |
Exercise price | 23p | 27p | 32p | 56p |
Share price volatility | 37.0% | 34.7% | 33.5% | 31.7% |
Option life | 3.25 years | 3.25 years | 3.25 years | 3.25 years |
Expected dividend yield | 9.3% | 8.1% | 5.6% | 3.6% |
Risk-free interest rate | 4.4% | 3.6% | 3.3% | 0.5% |
Performance Share Plan
| July | July | June | June | |
| 2024 | 2023 | 2022 | 2021 | |
Exercise price | Nil | Nil | Nil | Nil |
Share price volatility | 35.9% | 33.7% | 32.4% | 32.6% |
Option life | 3.5 years | 3 years | 3 years | 3 years |
Expected dividend yield | Nil | Nil | Nil | Nil |
Risk-free interest rate | 3.9% | 4.7% | 2.5% | 0.1% |
25 Share incentives continued
Speedy Hire Plc Annual Report and Accounts 2025
156
29 Related party disclosures
30 Post balance sheet event
Subsequent to the year end the Group refinanced its borrowings, replacing its existing £180m asset
based lending facility which was due to expire in July 2026. The ABL facility balance of £112.9m at
31 March 2025 was repaid in full on 24 April 2025 and the new facilities simultaneously entered into.
The new facilities of £225m comprise a:
h £150m revolving credit facility (‘RCF’) with a three year maturity, with options to extend up to a
further two years.
h £75m private placement term loan with a seven year maturity.
The RCF is priced based on SONIA plus a variable margin, while any unutilised commitment is charged
at 35% of the applicable margin. The price on the private placement term loan is fixed for the duration of
the facility.
Consistent with the Group’s previous financing arrangements, the new facilities include quarterly
leverage and fixed charge cover covenant tests.
This new debt structure will provide the Group with greater flexibility to support its growth strategy.
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157
Corporate Information
Financial Statements
Strategic Report
Financial Statements
Governance
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
Note
31 March
2025
31 March
2024
£m £m
ASSETS
Non-current assets
Investments 32 93.5 93.5
Trade and other receivables 33 230.5 195.2
324.0 288.7
Current assets
Trade and other receivables 33 62.9 82.8
Current tax receivable 2.6 2.7
Cash and cash equivalents 36 3.1 9.4
Derivative financial assets 35 – 0.5
68.6 95.4
Total assets 392.6 384.1
LIABILITIES
Current liabilities
Trade and other payables 34 (115.1) (114.2)
Derivative financial liabilities 35 (0.1) (0.1)
(115.2) (114.3)
Non-current liabilities
Borrowings 36 (121.2) (105.1)
Deferred tax liability 37 – (0.1)
(121.2) (105.2)
Total liabilities (236.4) (219.5)
Net assets 156.2 164.6
EQUITY
Share capital 38 25.8 25.8
Share premium 1.9 1.9
Capital redemption reserve 0.7 0.7
Merger reserve 2.3 2.3
Hedging reserve (0.4) 0.1
Retained earnings 125.9 133.8
Total equity 156.2 164.6
The Company profit for the year was £3.2m (2024: £1.9m). The Company has taken advantage of the
exemption under Section 408 of the Companies Act 2006 from presenting its own profit and loss
account.
The accompanying notes form part of the Financial Statements.
The Company Financial Statements on pages 158 to 167 were approved by the Board of Directors on
17 June 2025 and were signed on its behalf by:
DAN EVANS
Director
Company registered number: 00927680
Speedy Hire Plc Annual Report and Accounts 2025
158
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
Share
capital
Share
premium
Capital
redemption
reserve
Merger
reserve
Hedging
reserve
Retained
earnings
Total
equity
£m £m £m £m £m £m £m
At 1 April 2023 25.8 1.9 0.7 2.3 0.6 143.1 174.4
Profit for the financial year – – – – – 1.9 1.9
Other comprehensive (expense)/income – – – – (0.5) 0.1 (0.4)
Total comprehensive (expense)/income – – – – (0.5) 2.0 1.5
Dividends – – – – – (11.8) (11.8)
Equity-settled share-based payments – – – – – 0.5 0.5
At 31 March 2024 25.8 1.9 0.7 2.3 0.1 133.8 164.6
Profit for the financial year – – – – – 3.2 3.2
Other comprehensive (expense)/income – – – – (0.5) 0.1 (0.4)
Total comprehensive (expense)/income – – – – (0.5) 3.3 2.8
Dividends – – – – – (11.8) (11.8)
Equity-settled share-based payments – – – – – 0.6 0.6
At 31 March 2025 25.8 1.9 0.7 2.3 (0.4) 125.9 156.2
The accompanying notes form part of the Financial Statements.
Speedy Hire Plc Annual Report and Accounts 2025
159
Corporate Information
Financial Statements
Strategic Report
Financial Statements
Governance
COMPANY CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
Note
Year ended
31 March
2025
Year ended
31 March
2024
£m £m
Cash generated from operating activities
Profit before tax 3.8 2.6
Net financial income (6.1) (3.2)
Non-underlying items 1.6 –
Increase in trade and other receivables (15.0) (89.5)
(Decrease)/increase in trade and other payables (0.9) 99.0
Equity-settled share-based payments 0.6 0.5
Cash (used in)/generated from operations before non-underlying items (16.0) 9.4
Cash flow relating to non-underlying items:
Non-underlying items (1.6) –
Increase in non-underlying payables 1.6 –
Cash flow from non-underlying items – –
Cash (used in)/generated from operations (16.0) 9.4
Interest paid – (0.4)
Interest received 6.4 3.0
Tax paid (0.4) (3.6)
Net cash flow (used in)/generated from operating activities (10.0) 8.4
Cash flow from financing activities
Drawdown of loans 534.7 574.3
Repayment of loans (519.2) (562.5)
Proceeds from the issue of Sharesave Scheme shares – –
Dividends paid 10 (11.8) (11.8)
Net cash flow generated from financing activities 3.7 –
(Decrease)/increase in cash and cash equivalents (6.3) 8.4
Cash at the start of the financial year 9.4 1.0
Cash at the end of the financial year 3.1 9.4
The accompanying notes form part of the financial statements.
Speedy Hire Plc Annual Report and Accounts 2025
160
NOTES TO THE FINANCIAL STATEMENTS
31 Summary of material accounting policy information
The Company complies with the accounting policies defined in note 1 of the Group Consolidated
Financial Statements, except as noted below.
Statement of compliance
The Company is taking advantage of the exemption in Section 408 of the Companies Act 2006 not to
present its individual Income Statement or Statement of Comprehensive Income and related notes that
form part of the approved Financial Statements. The amount of the profit for the financial year dealt
with in the Financial Statements of the Company is disclosed in the Company Balance sheet and the
Company Statement of Changes in Equity.
Dividends
Dividends received and receivable are credited to the Company’s Income Statement to the extent that
they represent a realised profit for the Company.
Finance income
Finance income comprises interest receivable from subsidiary undertakings and is recognised in the
Company’s Income Statement using the effective interest method.
Employees
The Company does not have any employees. Directors are paid by other Group companies, the details
of which are disclosed in the Directors’ Remuneration Report.
Investments in subsidiaries
Investments in subsidiary undertakings are stated at cost less any accumulated impairment.
Intercompany receivables
The Company monitors the risk profile of intercompany receivables regularly and provides for amounts
that may not be recoverable on the basis of expected portfolio losses.
Significant judgements and estimates
The following are significant sources of estimation uncertainty that management has made in the
process of applying the accounting policies and that have a significant risk of resulting in a material
adjustment within the next financial year.
Valuation of intercompany receivables
Intercompany expected credit losses are assessed under IFRS 9, based on the applicable repayment
profile and the ability of the borrower to repay the loan. Where the borrower has insufficient liquid
assets to repay the loan, and no contractual obligation exists to provide support for the loan, an
impairment loss is recognised. No consideration is made regarding expected credit losses across
time bands as this would not provide a materially different result given the simplified method is used,
whereby assessment of lifetime expected credit losses is made.
At 31 March 2025, the expected credit loss provision was £44.0m (2024: £44.0m) against a receivable
balance of £290.7m (2024: £275.6m). Further detail is provided in note 33. The Company’s estimated
expected credit losses are 15.1% (2024: 16.0%) of intercompany receivables. A change of 1% in this
assumption would result in an increase to the provision of £2.9m (2024: £2.8m).
32 Investments
Investments in
related
undertakings
£m
Cost
At 1 April 2023 and 31 March 2024 and 31 March 2025 113.3
Provisions
At 1 April 2023 and 31 March 2024 and 31 March 2025 (19.8)
Net book value
At 1 April 2023 and 31 March 2024 and 31 March 2025 93.5
An impairment test has been performed on the Company’s carrying value of investments in related
undertakings and no impairment has been made (2024: nil). The recoverable amount of the investments
has been determined based on a value in use calculation which involves assumptions. These
assumptions are disclosed in note 12. No reasonable possible change in these assumptions would result
in an impairment.
Speedy Hire Plc Annual Report and Accounts 2025
161
Corporate Information
Financial Statements
Strategic Report
Financial Statements
Governance
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
The Company’s related undertakings are as follows:
Registered number
Incorporation
and operation
Principal
activity
Ordinary
share capital
held
Allen Contracts Limited
1
01617643 UK Dormant 100%
Allen Investments Limited
1
01354530 UK Dormant 100%
Bucks Access Rentals Limited
1,2
05249533 UK Dormant 100%
Chestview (North East) Limited
1
02935264 UK Dormant 100%
Crewe Plant Hire Limited
1,2
08590447 UK Dormant 100%
Drain Technology (1985) Limited
3
SC036329 UK Dormant 100%
Drain Technology Limited
3
SC090054 UK Dormant 100%
Green Power Hire Limited
1,2
13588088 UK Hire services 100%
Hire-A-Tool Limited
1
01354100 UK Dormant 100%
Lifterz Holdings Limited
1,2
10215607 UK Holding company 100%
Lifterz Limited
1,2
, 05995339 UK Dormant 100%
Lifterz (Scot) Limited
1,2
10981353 UK Dormant 100%
OHP Limited
1,2
09392490 UK Holding company 100%
Platform Sales & Hire Limited
1,2
03845635 UK Dormant 100%
Prolift Access Limited
1,2
07067785 UK Dormant 100%
Rail Hire (UK) Limited
1,2
06758009 UK Dormant 100%
SHH 501 Limited
1,2
08666700 UK Dormant 100%
Speedy Asset Leasing Limited
1
04621481 UK Dormant 100%
Speedy Asset Services Limited
1
06847930 UK Hire services 100%
Speedy Engineering Services Limited
1
06440025 UK Dormant 100%
Speedy Hire (Ireland) Limited
4,1 0
NI048108 UK Hire services 100%
Speedy Hire (Ireland) Limited
2,5
409718 Ireland Hire services 100%
Speedy Hire (UK) Limited
1
00245380 UK Dormant 100%
Speedy Hire Centres (Midlands) Limited
1
01048492 UK Dormant 100%
Speedy Hire Centres Limited
1
06207105 UK Dormant 100%
Speedy Hire Direct Limited
1,2
00974324 UK Dormant 100%
Speedy Hydrogen Solutions Limited
1,2
15264396 UK Hire services 50%
Speedy Industrial Services Limited
1
01105942 UK Dormant 100%
Speedy International Asset Services (Holdings) Limited
1,10
07174616 UK Holding company 100%
Speedy International Asset Services LLC (Egypt)
2,6
Egypt Dormant 100%
32 Investments continued
Speedy Hire Plc Annual Report and Accounts 2025
162
Registered number
Incorporation
and operation
Principal
activity
Ordinary
share capital
held
Speedy International Leasing Limited
1,2,1 0
07174944 UK Dormant 100%
Speedy LCH Generators Limited
3
SC068997 UK Dormant 100%
Speedy LGH Limited
1
05436955 UK Dormant 100%
Speedy Lifting Limited
1
04529136 UK Dormant 100%
Speedy Plant Hire Limited
1
02036670 UK Dormant 100%
Speedy Power Limited
1
03923249 UK Dormant 100%
Speedy Pumps Limited
1
04663170 UK Dormant 100%
Speedy Rail Services Limited
1
04016794 UK Dormant 100%
Speedy Safemaker Limited
1,2
05628930 UK Dormant 100%
Speedy Services Limited
1
04529126 UK Dormant 100%
Speedy Space Limited
1
01157713 UK Dormant 100%
Speedy Support Services Limited
1,10
02479218 UK Provision of group services 100%
Speedy Survey Limited
1
03845497 UK Dormant 100%
Speedy Transport Limited
1,10
04408263 UK Provision of group services 100%
Speedy Zholdas LLP
7
Kazakhstan Hire services 45%
Speedyloo Limited
1
03244814 UK Dormant 100%
Stockton Investments (North East) Limited
1
05064013 UK Dormant 100%
Tidy Group Limited
1
01227264 UK Dormant 100%
Turner & Hickman Limited
2 ,7,8
SC318140 UK Holding company 50%
Waterford Hire Services Limited
1,9
079898 Ireland Dormant 100%
1
Registered office: Chase House, 16 The Parks, Newton-le-Willows, Merseyside, WA12 0JQ.
2
Indirect holding via a 100% subsidiary undertaking.
3
Registered office: 13 Queen’s Road, Aberdeen, United Kingdom, AB15 4YL.
4
Registered office: Unit 2 Duncrue Pass, Duncrue Road, Belfast, Antrim, Northern Ireland, BT3 9DL.
5
Registered office: Unit 2, Glen Industrial Estate, Broombridge Road, Glasnevin, Dublin 11, Republic of Ireland.
6
Registered office: City Light Tower A3, Third Floor, Office No. 303, 1 Makram Ebeid Street, Nasr City, Cairo, Egypt.
7
The Group has a 50% investment in Turner & Hickman Limited, which has a 90% investment in Speedy Zholdas
LLP. The registered office of Speedy Zholdas LLP is Building 276, Traffic Atyrau – Dossor, Atyrau City, Kazakhstan.
8
Registered office: 19 Woodside Crescent, Glasgow, G3 7UL.
9
Registered office: Kingsmeadow Retail Park, Ring Road, Waterford, Republic of Ireland.
10
For the year ending 31 March 2025, the company was entitled to exemption from audit under s479A of the
Companies Act 2006 relating to subsidiary companies.
Speedy Hire Plc Annual Report and Accounts 2025
163
Corporate Information
Financial Statements
Strategic Report
Financial Statements
Governance
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
All dormant related undertakings noted above take the s480 exemption under the Companies Act 2006
from the requirement to have their accounts for the financial year ended 31 March 2025 audited.
The Company holds voting rights in each related undertaking in the same proportion to its holdings in
the ordinary share capital of the respective undertakings.
Amounts owed by other Group undertakings are repayable on demand. Interest is not payable on
balances outstanding as a result of routine intercompany trading. Other intercompany loans bear
interest on the same basis as external bank borrowings.
33 Trade and other receivables
31 March
2025
31 March
2024
£m £m
Current
Amounts owed by Group undertakings 60.2 80.4
Other receivables 2.7 2.4
62.9 82.8
Non-current
Amounts owed by Group undertakings 230.5 195.2
230.5 195.2
Amounts owed by other Group undertakings are repayable on demand, however disclosure is made
based on likelihood of settlement. Interest is not payable on balances outstanding as a result of routine
intercompany trading. Intercompany loans bear interest on the same basis as external bank borrowings.
The valuation of intercompany receivables and calculation of expected credit losses (‘ECLs’) is
explained in the Significant judgements and estimates section within note 31 Summary of material
accounting policy information. The related loss allowance can be analysed as follows:
31 March
2025
31 March
2024
£m £m
At 1 April 44.0 43.9
Impairment provision charged to the Income Statement – 0.1
Utilised in the year – –
At 31 March 44.0 44.0
34 Trade and other payables
31 March
2025
31 March
2024
£m £m
Amounts owed to Group undertakings 113.1 113.4
Accruals 2.0 0.8
115.1 114.2
Amounts due to other Group undertakings are repayable on demand. Interest is not payable on
balances outstanding as a result of routine intercompany trading. Intercompany loans bear interest on
the same basis as external bank borrowings.
32 Investments continued
Speedy Hire Plc Annual Report and Accounts 2025
164
35 Financial instruments
The fair value hierarchy and basis for determination of fair values of financial instruments used by the Company is the same as that stated for the Group in note 19.
Carrying amount of financial assets and liabilities
The fair values of financial assets and liabilities held at amortised cost are considered to be approximately equal to the carrying values shown in the Balance Sheet. The carrying value of the Company’s financial
assets and financial liabilities are set out below:
31 March 2025 31 March 2024
Amortised
cost
£m
Fair value
through other
comprehensive
income
£m
Total
£m
Amortised
cost
£m
Fair value
through other
comprehensive
income
£m
Total
£m
Assets per the Balance Sheet
Trade and other receivables¹ 293.4 – 293.4 278.0 – 278.0
Cash and cash equivalents 3.1 – 3.1 9.4 – 9.4
Derivative financial assets – – – – 0.5 0.5
296.5 – 296.5 287.4 0.5 287.9
¹ Trade and other receivables excluding prepayments.
Interest income of £15.4m (2024: £10.8m) was received in relation to amounts owed by Group undertakings, accruing at an effective interest rate of 8.0% per annum (2024: 6.0%).
31 March 2025 31 March 2024
Amortised
cost
£m
Fair value
through other
comprehensive
income
£m
Total
£m
Amortised
cost
£m
Fair value
through other
comprehensive
income
£m
Total
£m
Liabilities per the Balance Sheet
Borrowings 121.2 – 121.2 105.1 – 105.1
Trade and other payables² 113.1 – 113.1 113.4 – 113.4
Accruals 2.0 – 2.0 0.8 – 0.8
Derivative financial liabilities – 0.1 0.1 – 0.1 0.1
236.3 0.1 236.4 219.3 0.1 219.4
² Trade and other payables excluding non-financial liabilities.
Speedy Hire Plc Annual Report and Accounts 2025
165
Corporate Information
Financial Statements
Strategic Report
Financial Statements
Governance
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
Risks in relation to financial instruments are as discussed for the Group in note 19, except for the following:
Credit risk
Credit risk is the risk of financial loss to the Company if a Group undertaking or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company’s receivables
from Group undertakings and the intra-group financial guarantee contract in place under the asset based finance facility.
Transactions involving derivative financial instruments are undertaken with counterparties within the syndicate of banks that provide the Company’s asset based finance facilities. Given their high credit ratings,
management does not expect any counterparty to fail to meet its obligations.
The Company establishes an allowance for impairment that is based on the ability of Group undertakings to repay amounts owed, following consideration of the liquidity of assets that could be used to settle
outstanding amounts.
Liquidity risk
The banking facilities of the Group detailed in note 19 are held by the Company.
The following analysis is based on the undiscounted contractual maturities on the Company’s financial liabilities, including estimated interest that will accrue, over the following financial years ended 31 March.
Undiscounted cash flows – 31 March 2025
2026 2027 2028 2029 and later Total
£m £m £m £m £m
Asset based finance facility – 121.2 – – 121.2
Bank interest payments 9.5 3.0 – – 12.5
Trade and other payables 113.1 – – – 113.1
Accruals 2.0 – – – 2.0
Derivative financial liabilities 0.1 – – – 0.1
124.7 124.2 – – 248.9
Undiscounted cash flows – 31 March 2024
2025 2026 2027 2028 and later Total
£m £m £m £m £m
Asset based finance facility – – 105.1 – 105.1
Bank interest payments 8.1 7.1 2.3 – 1 7.5
Trade and other payables 113.4 – – – 113.4
Accruals 0.8 – – – 0.8
Derivative financial liabilities – 0.1 – – 0.1
122.3 7. 2 107.4 – 236.9
35 Financial instruments continued
Speedy Hire Plc Annual Report and Accounts 2025
166
Capital management
The Company requires capital for growth, by completing acquisitions and refinancing existing debts in the
longer term. The Company defines gross capital as net debt (cash less borrowings), as disclosed in note
36, plus total equity as disclosed in the Company Statement of Changes in Equity, and seeks to ensure an
acceptable return on gross capital. The Board seeks to maintain a balance between debt and equity funding
such that it maintains an efficient capital position relevant for the prevailing economic environment.
31 March
2025
31 March
2024
£m £m
Net debt 118.1 95.7
Total equity 156.2 164.6
At 31 March 274.3 260.3
36 Borrowings
31 March
2025
31 March
2024
£m £m
Non-current borrowings
Maturing in more than one year
- Asset based finance facility 121.2 105.1
Total borrowings 121.2 105.1
Less: cash (3.1) (9.4)
Net debt
1
118.1 95.7
1
Key performance indicator - excluding lease liabilities.
Both the overdraft and asset based finance facility are secured by a fixed and floating charge over all the
itemised hire fleet assets and trade receivables of the Group, and are rated pari passu.
Reconciliation of financing liabilities and net debt
1 April
2024
£m
Non-cash
movement
£m
Cash flow
£m
31 March
2025
£m
Bank borrowings (105.1) (0.6) (15.5) (121.2)
Liabilities arising from financing
activities (105.1) (0.6) (15.5) (121.2)
Cash and cash equivalents 9.4 – (6.3) 3.1
Net debt (95.7) (0.6) (21.8) (118.1)
37 Deferred tax
Total
£m
Opening at 1 April 2023 (0.2)
Recognised in income 0.1
At 31 March 2024 (0.1)
Recognised in income 0.1
At 31 March 2025 –
38 Share capital and share incentives
The Company share capital is stated in accordance with note 24, with share incentives as disclosed in
note 25.
39 Contingent liabilities and commitments
There are no contingent liabilities nor capital commitments for the Company at the year end date.
40 Related party disclosures
Intercompany funding and cross guarantees
The amount outstanding from Group undertakings at 31 March 2025 totalled £290.7m (2024: £275.6m).
Amounts owed to Group undertakings as at 31 March 2025 totalled £113.1m (2024: £113.4m).
The Company and certain subsidiary undertakings have entered into cross guarantees of bank loans
and overdrafts to the Company, as disclosed in note 20.
Provision of Group services
The Company paid £0.9m in respect of Group services provided by its wholly owned subsidiary, Speedy
Support Services Limited (2024: £0.9m).
Directors’ remuneration is borne by Speedy Support Services Limited with no recharge, the
remuneration of whom is disclosed in note 6. Full details of Executive and Non-Executive Director
compensation and interests in the share capital of the Company as at 31 March 2025 are given in the
Directors’ Remuneration Report.
Speedy Hire Plc Annual Report and Accounts 2025
167
Corporate Information
Financial Statements
Strategic Report
Financial Statements
Governance
2025
£m
2024
£m
2023
£m
2022
1
£m
2021
1
£m
Income Statement
Revenue 416.6 421.5 440.6 386.8 332.3
Gross profit 236.1 230.0 219.0 221.1 184.9
Operating profit 13.4 14.9 3.8 31.6 12.5
Share of results of joint ventures 1.0 2.9 6.6 3.2 1.2
Net finance costs (15.9) (12.7) (8.6) (5.7) (5.4)
(Loss)/profit before taxation (1.5) 5.1 1.8 29.1 8.3
Non-GAAP performance measures
Adjusted EBITDA 97.1 96.8 103.9 100.1 90.6
Adjusted profit before tax 8.7 14.7 30.7 29.6 17.5
Balance Sheet
Hire equipment – original cost 401.5 386.0 395.9 422.7 386.6
Hire equipment – net book value 222.4 210.6 207.9 226.9 207.2
Total equity 162.2 175.7 184.6 216.4 210.8
Cash Flow
Cash generated from operations 49.2 69.0 51.9 28.6 72.9
Net cash flow before financing activities 29.4 28.4 37.0 5.5 69.7
Purchase of hire equipment (50.0) (41.3) (54.2) (71.5) (36.4)
(Loss)/profit on disposal of hire equipment (1.5) (2.6) 1.7 0.5 (1.0)
Free cash flow 0.8 23.5 10.6 (18.5) 46.6
In pence
Dividend per share (interim and final dividend) 2.60 2.60 2.60 2.20 1.40
Adjusted earnings per share 1.41 2.35 4.96 4.24 2.68
Net assets per share 31.4 34.0 35.7 41.8 39.9
In percentages
Return on capital employed 8.9 9.9 14.0 13.1 8.4
EBITDA margin 23.3 23.0 23.6 25.9 2 7.3
In ratios
Net debt/EBITDA (excluding impact of IFRS 16) 1.9 1.5 1.3 0.9 0.5
Net debt/net tangible fixed assets 0.33 0.31 0.29 0.20 0.11
In numbers
Average employee numbers 3,335 3,409 3,524 3,501 3,875
Depot numbers 135 147 183 207 180
1
2021 and 2022 presented for continuing operations only.
CORPORATE INFORMATION
FIVE-YEAR SUMMARY
Speedy Hire Plc Annual Report and Accounts 2025
168
SHAREHOLDER INFORMATION
Annual General Meeting
The Annual General Meeting (‘AGM’) will be held at the offices of
Addleshaw Goddard LLP, Milton Gate, 60 Chiswell Street, London,
EC1Y 4AG on 5 September 2025 at 11.00am.
Details of the business of the AGM and the resolutions to be
proposed will be sent to those shareholders who have opted
to continue receiving paper communications, which are also
available to other shareholders and the public on our website at
speedyhire.com/investors.
Shareholders will be asked to approve the Directors’ Remuneration
Report and the re-election of Directors.
Other resolutions will include proposals to renew, for a further year,
the Directors’ general authority to allot shares in the Company,
to allot a limited number of shares for cash on a non-pre-emptive
basis and to buy back the Company’s own shares.
Share price information/performance
The latest share price is available at speedyhire.com/investors.
By selecting share price information, shareholders can check the
value of their shareholding online or review share charts illustrating
annual share price performance trends.
Shareholders can download copies of our Annual Report and
Accounts and interim accounts from speedyhire.com/investors.
Dividend reinvestment plan (‘DRIP’)
You can choose to reinvest dividends received to purchase further
shares in the Company through a DRIP. A DRIP application
form is available from our registrar, whose contact details are
+44 (0) 371 384 2769. If calling from outside of the UK, please
ensure the country code is used. Lines are open 8.30am to 5.30pm
(UK time), Monday to Friday (excluding public holidays in England
and Wales). Alternatively, you can write to our registrar at Equiniti
Limited, Aspect House, Spencer Road, Lancing, West Sussex,
BN99 6DA.
Electronic communications
You can elect to receive shareholder communications
electronically by signing up to Equiniti Limited’s portfolio service
at shareview.co.uk. This will save on printing and distribution costs,
creating environmental benefits. When you register, you will be
sent a notification to say when shareholder communications are
available on our website, and you will be provided with a link to that
information.
Enquiries on shareholdings
Any administrative enquiries relating to shareholdings in the
Company, such as dividend payment instructions or a change
of address, should be notified direct to the registrar, Equiniti
Limited, at Aspect House, Spencer Road, Lancing, West Sussex,
BN99 6DA. Your correspondence should state Speedy Hire
Plc and the registered name and address of the shareholder.
Information on how to manage your shareholdings can be found at
help.shareview.co.uk.
If your question is not answered by the information provided, you
can send your enquiry via secure email from this webpage. You
will be asked to complete a structured form and to provide your
shareholder reference, name and address. You will also need to
provide your email address, if this is how you would like to receive
your response.
Boiler room fraud
Share scams are often run from ‘boiler rooms’ where fraudsters
cold-call investors offering them worthless, overpriced or even non-
existent shares. While such scams promise high returns, those who
invest usually end up losing their money.
If you are offered unsolicited investment advice, discounted shares,
a premium price for shares you own, or free company or research
reports, you should take these steps before handing over any
money:
h get the name of the person and organisation contacting you;
h search the list of unauthorised firms to avoid at
fca.org.uk/consumers/using-financial-services-register to
ensure they are authorised;
h only use the details on the FCA Register to contact the firm; and
h call the Consumer Helpline on 0800 111 6768 if you suspect the
caller is fraudulent.
REMEMBER: If it sounds too good to be true, it probably is!
Forward-looking statements
This Annual Report and Accounts includes statements that are
forward-looking in nature. Forward-looking statements involve
known and unknown risks, assumptions, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Group to be materially different from any
future results, performance or achievements expressed or implied
by such forward-looking statements. Except as required by the
Listing Rules, the Disclosure Guidance and Transparency Rules and
applicable law, the Company undertakes no obligation to update,
revise or change any forward-looking statements to reflect events
or developments occurring on or after the date of this Annual
Report and Accounts.
Contact details
We are happy to answer queries from current and potential
shareholders. Similarly, please let us know if you wish to receive
past, present or future copies of the Annual Report and Accounts.
Please contact us by telephone, email or via the website.
Speedy Hire Plc
Chase House, 16 The Parks
Newton-le-Willows
Merseyside WA12 0JQ
Telephone
01942 720 000
Email: investor.relations@speedyhire.com
Website: speedyhire.com/investors
Speedy Hire Plc Annual Report and Accounts 2025
169
Financial Statements
Strategic Report
Governance
Corporate Information
Financial Statements
REGISTERED OFFICE AND ADVISORS
Registered office
Telephone
01942 720 000
Email
investor.relations@speedyhire.com
Website
speedyhire.com/investors
Registered number
00927680
Company Secretary
Neil Hunt
Financial advisors
NM Rothschild & Sons Limited
New Court
St. Swithin’s Lane
London
EC4N 8AL
Stockbrokers
Panmure Liberum Limited
Ropemaker Place
Level 12
25 Ropemaker Street
London
EC2Y 9LY
Peel Hunt LLP
100 Liverpool Street
London
EC2M 2AT
Legal advisors
Pinsent Masons LLP
1 Park Row
Leeds
LS1 5AB
Addleshaw Goddard LLP
One St Peter’s Square
Manchester
M2 3DE
Independent Auditors
PricewaterhouseCoopers LLP
Manchester Hardman Sq
1 Hardman Square
Manchester
M3 3EB
Bankers
Barclays Bank PLC
10th Floor
1 Churchill Place
London
E14 5HP
HSBC UK Bank Plc
2nd Floor
Landmark
St Peter’s Square
1 Oxford Street
Manchester
M1 4PB
Lloyds Bank Plc
Floor 3
Fountainbridge Wing
New Uberior House
Earl Grey Street
Edinburgh
EH3 9BN
The Royal Bank of Scotland plc
1 Spinningfields Square
Manchester
M3 3AP
Public relations
Teneo Financial Advisory Limited
The Carter Building
11 Pilgrim Street
London
EC4V 6RN
Registrars and transfer office
Equiniti Limited
Aspect House
Spencer Road
Lancing
West Sussex
BN99 6DA
Insurance brokers
Marsh Ltd
Belvedere
12 Booth Street
Manchester
M2 4AW
Speedy Hire Plc Annual Report and Accounts 2025
170
The production of this report supports the work of the
Woodland Trust, the UK’s leading woodland conservation
charity. Each tree planted will grow into a vital carbon store,
helping to reduce environmental impact as well as creating
natural havens for wildlife and people.
Speedy Hire Plc Annual Report and Accounts 2025
171
Financial Statements
Strategic Report
Governance
Corporate Information
Financial Statements
Speedy Hire Plc,
Chase House,
16 The Parks,
Newton-le-Willows,
Merseyside, WA12 0JQ
www.speedyhire.com